AI and Automation continue to grab the headlines, but the implementation and installation of so many new systems supports the advantages to having Robotics and AI in your production process. The mundane and repetitive applications that need accuracy and repeatability day in, day out, can achieve a much better performance and overall cost reductions when these jobs are given over to automation. The other major benefit is, as we go forward, people can then be reassigned to much more interesting and rewarding work.
NASDAQ offers a current explanation on the key characteristics on AI and Robotics
Defining Artificial Intelligence & Robotics
AI and Robotics are fundamentally different and can be used for a variety of purposes.
Robots are programmable machines that can carry out routine tasks semi-or-fully autonomously. Artificial Intelligence, on the other hand, is the development of computer models to complete tasks that would otherwise require human intelligence. In other words, artificial intelligence algorithms are generally self trained to carry out tasks with some level of human behaviour (e.g. language understanding capabilities). This shows that the two branches are fundamentally different, in that robots carry out pre-defined and routine tasks while artificial intelligence attempts to mimic “intelligence”. There is, however, an intersection of these two branches, which is artificially intelligent machines. Artificially intelligent robots or machines are the bridge between artificial intelligence and robotics. They are machines which are controlled by artificial intelligence programs. This allows robots to not only complete routine tasks but also more complex tasks requiring more “intelligence”.
According to the NASDAQ Artificial Intelligence & Robotics report, industrial businesses spent $11 billion on robots installed across the globe in 2015. This year, the International Federation of Robotics (IFR) says global sales will hit a new record of $16.5 billion. More than 2.4 million industrial robots are currently operating in global factories. Between 2020 and 2022, another almost 2 million new industrial robots will be installed.
In addition to said growth in the robotics market, there has been a rise in labor costs and drop in robot prices.
These two factors have a direct impact on robot demand: on the one hand, employers are seeking cheaper and more efficient labor given mounting labor costs, particularly in highly-specialised fields where employers have to bid up for top talent; on the other hand, individuals are finding consumer robots more attractive given dropping robot prices.
It is worth saying that not every job is going to be taken by robots and AI, but the goal could be that automation helps to replace the bad jobs with the good jobs, and those countries who were early adopters have all become more productive in what they do. If you have time to read another article on AI predications, then click the live link from ITweb with WEF suggesting organisations could achieve 40% improvement in efficiency
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