Digital Industry Insight #22: AI Improving Our Tomorrow
Constant Evolution and Innovation
We find ourselves in a pivotal era in technology. There is a profound tectonic shift underway, driven by the demands of Digital Industry.
We are seeing surging interest and investment in Artificial Intelligence and machine technologies. Despite broader concerns over technological unemployment and the existential risks of uncontrolled AI, interest and engagement with these technologies increases unabated. The combination of increased computing power, massive influx of data, readily available tools and techniques and a new generation of research drives innovations and new applications.
Emerging AI Solutions
AI is far more than a buzzword; it’s driving the most important technology developments of our time, and providing the foundational basis for a new era of breakthroughs. While the term is often associated with science fiction, Artificial Intelligence techniques are grounded in computer science and power a plethora of real-world capabilities - from image recognition to language processing to predictive data analytics.
AI is helping to address in a timely manner many of the unique challenges created by the COVID-19 pandemic. Notably, AI solutions are having a significant impact across different facets of health care. According to a new market resource report, artificial intelligence in the healthcare market is forecast to be worth $42.5 billion by 2026. Organizations are applying AI to enhance capabilities from diagnostics, drug discovery, to triage and logistics. Notable uses that intersect with traditional IoT include remote monitoring, asset management and path optimization. For example, startup ClosedLoop is utilizing artificial intelligence and predictive maintenance to provide better patient care.
AI is also being leveraged in a variety of ways to solve problems in manufacturing. SmartEx employs artificial intelligence, computer vision and high-resolution cameras to detect defects that occur during the textile manufacturing process. Due to the complex nature of the fast-moving, enclosed processes, it’s difficult and often impossible for human inspectors to inspect products effectively during the process. A case study with Tintex shows how SmartEx’s AI-based solution saved their client thousands of dollars in raw materials, hours of production time, thousands of liters of water, energy and C02 emissions for each production run. Beyond cost saving, AI helped the manufacturer boost its reputation for delivering consistent quality products in a highly competitive industry.
Looking beyond manufacturing, health care and other traditional businesses, for ascendant industries such as autonomous vehicles, connected products, home automation, distributed energy networks, robotic automation and other areas, AI is increasingly becoming “table stakes” for future success. It’s absolutely critical for any rising organization to secure the power of AI technologies for their benefit.
Hear more from leaders of SmartEx, Sight Machine and RevTwo during our webinar this Thursday as they share how they've helped clients achieve bottom-line value and create top-line business opportunities and results with their solutions. Register now!
Momenta Partners encompasses leading Strategic Advisory, Talent, and Venture practices. We’re the guiding hand behind leading industrials’ IoT strategies, over 200 IoT leadership placements, and 40+ young IoT disruptors. Schedule a free consultation to learn more about our Connected Industry practice.