How Metal and Chemical manufacturers can Leverage AI to gain a better Market Position
Machine learning and Artificial intelligence are two of the emerging technologies with wide variety of application across industries. From robots in a production chain to algorithms that predict human behaviour, AI has helped every industry cut costs, increase productivity and eliminate inefficiencies. The uses cases of AI are so many that all the major companies across industries are looking towards AI to solve their problems, yet the manufacturers in Chemical and Metal industry have been slow to catch up to this trend even though the potential for AI driven optimisation is enormous in these industries. AI has immense potential to solve the crucial problems of high cost raw material procurement and process optimisation to increase production efficiency. Consider the steel manufacturers, AI based raw material solutions can promise them a significant edge over their Chinese counterparts who currently dominate the market.
A modern steel plant in the USA, geared up with the state-of-the-art machinery does not want to lag behind in terms of implementation of AI for enhanced productivity level. As a result, the company initiated its maiden AI project, which collected and analyzed data and simultaneously trained algorithms. This algorithm helps in the prediction of the maintenance requirements of new machinery.
A major steel manufacturer in India made a whopping cost saving of 180 crores and is Hopeful about increasing it by 167% up to 300 crore INR. Are you wondering, how can AI save such a significant amount of cost?
Well, it does in the following ways:
- By reducing mechanical properties variability
- reduction in the cost of alloy because of improved variability control
- eliminating production that is out of specification
Other than cost reduction, productivity enhancement is another factor that makes AI solution a perfect choice for a metal manufacturer who dreams to scale business and attain the next level of success and create new avenues of revenue
AI solutions are fully capable of helping companies manufacture ultra-high-strength steels in low budgets (thanks to the ability of raw material optimization). This type of steel has high-level tolerance. Thereby, making it suitable for the manufacturing of chassis in the automotive industry. This way, many steel companies can earn profit by developing high-quality steel without increasing the budget
The chemical industry is also well aware of AI solutions and its positive impact on speeding up the process several times in comparison to the conventional method. Chemical industry giants are relying on a better AI-enabled approach to optimize polymer processors. The production and processing of polymers have some interrelated parameters. The AI solution finds the underlying opportunities between the parameters to finalize the properties of the final product.
The chemical industry is taking advantage of implementing AI in the following ways:
- Having a better understanding of customer requirements
- The enhancement of R&D activities means reduced production time to achieve the desired output.
- Process optimization results in less cost due to operational optimization
Summing it up
MatSci AI has developed a powerful AI solution for the Metal and Chemical Industry with a primary focus on Raw Material Cost Optimization and Value Generation from Unstructured Data. On the bright side, the power of AI is not limited to the collection and analysis of manufacturing data at an internal level but can help in product usage data collection from customers. Hence, making it easier to discover and adapt to changing customer demands.
This way, the immense potential of AI to reduce cost by a significant margin, and enhance operational efficiency helps companies gain business competitiveness.