EVERYDAY LIFE - 17/01/2020

Why Should Car Industry Start Investing in AI?

Companies that strive to develop and improve AI technology are already working on creating autonomous cars that could very quickly become a real thing on our streets. We are not talking about flying objects from sci-fi movies, but about advanced machine learning that could give to the next generation of cars the power to learn, understand and control the data they receive. One could argue, however, that the technological advancement that we are experiencing is something that could very well be found in sci-fi movies a couple of decades ago; nobody could have predicted the development of internet and smartphones, yet today people can sit back, relax, and talk with friends across the world, all from the comfort of their homes. It is the same with smart cars.

Intelligent Car Investment

The car will no longer be a machine that works on the commands it receives from humans, but rather a device that can think and seek the best creative solutions for any situation. Imagine having a vehicle that can repair itself, or even can’t break down at all. Or a car that can predict in advance any danger on the road.  

With billions spent on automobiles every year, it is the right time for major global manufacturers to dedicate their attention and resources to introducing AI into the production. Many companies are already finding ways of expanding the use of AI in the automotive industry, like innovative Tesla and its electric car that could switch to AI power in the coming period.

However, with the vast potential that AI brings to the automotive industry, it will make a massive change with not only future models but also the process of production.

Intelligent Production Investment

AI technology development is the field of the most significant investment in the world. Companies run a race to take the lead and have a monopoly on advanced technology, adopting it in almost every existing industry. When it comes to car manufacturing, there are six good motives why every carmaker should invest in the intelligent production process:

  1. Infrequent equipment failures

AI algorithms use specific sensors to monitor machines during the production process. They can detect anomalies and potential breakdowns before they occur. They analyze noise and vibration, diagnose problems and send data to the AI system that not only guarantees seamless production but also reduces annual maintenance and inspection costs.

  1. Productive interaction between humans and robots

Advanced technology offers so-called collaborative robots that are more sophisticated, context-aware and can work alongside humans. For example, a human can teach a robot to perform a particular job by guiding it through the process.

Cooperation would prevent the full automation of jobs and preserve human labor as a necessary part of the production.

  1. Sporadic quality problems

AI will perform quality control without errors, not only visually, but also by using the analysis of all car quality aspects. Not only will it be 90% more accurate than humans in spotting damage, but it will also provide insight into the cause of it.

  1. Better supply chains

Machine learning can accurately forecast the required supplies in warehouses and determine the precise balance of demand and supply. It can reduce stockpiling by as much as 50%.

  1. Smart project management

AI can make the right assessment of which projects are moving in the right direction and bring in profits, and which ones are taking too much time and money. It will smartly allocate the budget by putting a priority on better and more sustainable projects.

  1. Better business support functions

Business support functions such as IT, HR or accounting can be up to 30% automated in the future, as they are resolving tasks already supported by computer systems.

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