The Robotics Revolution: How AI Powered Robots are Changing Business
Artificial Intelligence (AI) is here to stay. Over the last decade, there has been a rapid rise in the use of AI and AI-powered robots. In fact, estimates suggest that by 2028, the global AI market could reach over $360 billion. That’s an unprecedented amount of growth seeing how the market size was under $36 billion in 2020.
Much of the growth can be credited to the widespread popularity of AI assistants like Amazon Alexa, Siri, and Google. However, artificial intelligence is quickly becoming an integral part of every industry.
While AI itself is software, the coupling of this software with physical machines is quickly leading to another industrial revolution. In fact, many industries are turning to robots to help counteract the labour shortage being experienced currently. In this article we discuss four major industries where AI powered Robotics is having a huge impact.
Packaging and shipping
The packaging and shipping industry has benefited immensely from the use of robots and automation. These systems provide a considerable amount of efficiency when it comes to the distribution of goods and cargo.
Not only does incorporating robots make the work easier and faster, but it also eliminates the physical danger posed to human operators. Additionally, it helps to minimize the potential for human mistakes, further increasing its effectiveness.
When it comes to eCommerce, Amazon is undoubtedly at the forefront for automation. In 2012, Amazon purchased Kiva Systems, a manufacturer of robotic fulfilment systems, for $775 million. By 2014, the e-commerce giant was incorporating these robotic systems within their ever-expanding fulfilment network. With over 100,000 robots currently in Amazon’s warehouses globally, the company intends to add more of such going forward.
The UN projects the world population to reach 8.5 billion by 2030. This means that the sustainability of humans may be in question if things don’t change. Fortunately, utilizing AI and automation can address many of the potential issues and challenges in the future.
Small drones are often seen as a product for consumers, but numerous industries are putting them to work in professional capacities as well. Agritech is a growing industry combining the advantages of advanced technology with modern agriculture. Drones have become a highly utilized piece of technology within the industry.
Drones are being used to provide detailed information and maps of farmland across the world. When equipped with multispectral sensors, drones can be used to check the fertility of the soil, survey land, and determine how much irrigation is required. This can save farmers countless hours and provides considerably more data than conventional solutions.
Despite considerable technological advances, traditional farming still requires a degree of manual labour. However, AI is paving the way for automated farm vehicles including tractors, harvesters, and more. These vehicles utilize GPS and numerous sensors to position themselves and conduct their work automatically. All without needing much human interaction.
On the software side of things, the finance industry has been incorporating automation and AI for quite some time. Banks utilize AI to monitor accounts and transactions and flag any potential fraud before it has time to process. They are also integral to a majority of account management and maintenance processes.
AI-driven bots are utilized in high-frequency trading on the stock market. These bots monitor thousands of data points and have predefined position entries and exits. While most of these trades are based on a price move in pennies, these trades are conducted so often that they can add up to millions of dollars of profit.
The manufacturing industry is by far one of the most advanced when it comes to physical robots and AI applications. Between 2000 and 2010, Canada and the United States saw the disappearance of 5.6 million factory jobs – with 85% of job losses due to automation.
In manufacturing, robots have a wide variety of uses and applications. They are used as an integral part of the assembly line in car manufacturers. By providing a wide variety of services including welding, and assembly, assembly lines have seen a considerable decrease in human labour.
Other manufacturers and manufacturing processes incorporate automation and robots as well. The food industry has downsized its labour requirements considerably by incorporating automated systems. These systems can assemble an entire product such as a frozen pizza from start to finish, with minimal human interaction.
This is extremely beneficial to food manufacturers where contamination and other issues could lead to millions of dollars in losses. Minimizing the need for human input can significantly cut down on the chances of this happening.
Nestle is one of the largest food manufacturers in the world, and they have consistently reduced their employment numbers over the last several years. Since hitting a maximum of 339,000 employees in 2016, Nestle has dropped down to 273,000 as of 2020. Automation has undoubtedly played a large role in the reduced demand for labour, even as the company is currently seeing record-breaking sales.
Artificial intelligence powers the future
The use of AI and robotic automated solutions has allowed companies from every industry to benefit. From increased production to less dependence on human labour, robots are making businesses more competitive in the market.
While a decreased demand for labour may be seen as a negative, the reality is that automation has increased job demand in other sectors. It also plays an important role in safety, as some of the most dangerous jobs can now be done with robots.
Automation is here to propel businesses into the future and provide sustainability as the world continues to grow. At Outsource IT we understand this and have made it a mission to help other businesses incorporate the many advantages AI has to offer. For more information on what we can provide, contact an Outsource IT account today.