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Harnessing The Potential of AI In Manufacturing to Drive Innovation

The global Artificial Intelligence (AI) market in manufacturing is expected to reach $20.8 billion by 2028, with a CAGR of 45.6% during the forecast period (2023-28). AI is transforming the manufacturing industry like never before, enhancing employee productivity, driving innovation, improving operational efficiency, and unlocking growth opportunities. Today, the power of AI can be witnessed in various manufacturing scenarios, from sensors for self-driven vehicles and advanced robotics to predictive maintenance and real-time monitoring of production lines. AI-powered enhancements are paving the way for superior production methods, reduced operational costs, enhanced product quality, and increased competitiveness in the global market. AI-driven digital transformation utilizes advanced automation technologies, including machine learning (ML) and neural networks, to optimize manufacturing processes. Manufacturing companies experience further acceleration when they combine AI with automation tools such as Low-Code Process Automation (LPA), Robotic Process Automation (RPA), and Intelligent Document Processing (IDP). These tools serve as critical enablers for end-to-end process automation. This holistic approach to intelligent automation enables businesses to streamline complex processes. For instance, combining these complementary automation technologies can automate tasks in the accounts payable process—from issuing purchase orders to processing payments and ERP data entry.

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