How Artificial Intelligence (AI) is Revolutionizing Manufacturing Operations

How Artificial Intelligence (AI) is Revolutionizing Manufacturing Operations

Artificial Intelligence (AI) is everywhere. It’s on your phone, giving you app suggestions. It’s in your car, routing you around traffic. It’s on your TV recommending a new show you might like. And now, increasingly, it’s being employed by leading manufacturing firms to optimize their operations in new and novel ways.

Firms we work with in this space tell us daily about their ongoing labor shortage challenges, their desire for more precise forecasting targets, and their need to improve daily core processes continually. Thankfully, AI is here to help. Below are just a few of the ways that leading firms are making use of this exciting upgrade:

  • Using AI to control insurance costs. No firm sets out to waste money, but fluctuating inventory costs can quickly overrun a budget if left unmanaged. AI technologies can improve forecasting accuracy by up to 20%, leading to reductions in carrying costs of 5% or more.
  • Using AI to identify equipment failures. New technology systems can help teams identify product/equipment failures early– before major breakdowns occur. With fewer losses, workers are kept safe, and lost time is kept to an absolute minimum.
  • Using AI to enhance safety culture. An all-too-common cause of accidents in the workplace is time spent in unsafe areas. Artificial intelligence can help monitor employees and provide real-time data back to their managers. From there, supervisors can course correct towards safer conditions leading to fewer claims, better loss ratios, and a stronger narrative with insurance underwriters.

We’re still in the early days, and there’s no telling what the next technological breakthrough in AI for manufacturing companies will be. Now more than ever, it’s critical to stay current on trends like these as worker safety and mandates to control and cut costs remain paramount.

BKS is here to help keep you, as our client, on the vanguard with insights on new and emerging technologies in the manufacturing industry.


This material has been prepared for informational purposes only and was generated from information provided to BKS from the client and/or third-party sources. Therefore, BKS makes no warranty or representation(s) as to the accuracy or appropriateness of the data and/or the analysis herein. This information is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your tax, legal and accounting advisors for those services.

No Comments yet!

Table of Contents

Recents Post
Renewable Energy SOTM (1)
2024 Renewable Energy State of the Market Update
Congratulations web Header - New '24 (1600 x 900 px) (3)
Samantha Money Promoted to Partner!
Congratulations web Header - New '24 (1600 x 900 px) (1)
Laura Noderer Promoted to Senior Advisor!

This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. The content of this document is made available on an “as is” basis, without warranty of any kind. Baldwin Risk Partners, LLC (“BRP”), its affiliates, and subsidiaries do not guarantee that this information is, or can be relied on for, compliance with any law or regulation, assurance against preventable losses, or freedom from legal liability. This publication is not intended to be legal, underwriting, or any other type of professional advice. BRP does not guarantee any particular outcome and makes no commitment to update any information herein or remove any items that are no longer accurate or complete. Furthermore, BRP does not assume any liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. Persons requiring advice should always consult an independent adviser.

Baldwin Risk Partners, LLC offers insurance services through one or more of its insurance licensed entities. Each of the entities may be known by one or more of the logos displayed; all insurance commerce is only conducted through BRP insurance licensed entities. This material is not an offer to sell insurance.

Get in contact with an advisor today to see how BKS can support you.