Artificial Intelligence (AI) permeates our daily lives. It’s in your smartphone, offering tailored app suggestions, in your car, navigating you around traffic jams, and on your TV, suggesting new shows based off your watch history. AI’s reach continues to grow as manufacturing companies harness its power to optimize their operations with innovative approaches.
Firms we work with in this space emphasize 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.
Here are a few ways leading firms are making use of this advanced technology:
Help control insurance costs
It’s never anyone’s intention to waste money, but fluctuating inventory costs can quickly overrun a budget if left unmanaged. AI technologies can improve forecasting accuracy by up to twenty percent, leading to reductions in carrying costs of five percent or more.
Identify equipment failures
New technology systems can help teams identify product/equipment failures before major breakdowns occur. With fewer losses, workers are kept safe, and lost time is kept to an absolute minimum.
Enhance safety culture
An all-too-common cause of accidents in the workplace is time spent in unsafe areas. AI 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, but the future holds untold possibilities for groundbreaking technological advancements. In these formative stages, it is increasingly imperative to stay abreast of evolving AI trends. Now more than ever is the time to keep a pulse on worker safety and commit to cost reduction in the manufacturing sector.
Let’s talk about how we can help protect your business and employees.
For more information
We’re ready to help when you are. Get in touch and one of our experienced Baldwin advisors will reach out to have a conversation about your business or individual needs and goals, then make a plan to map your path to the possible.
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. The Baldwin Insurance Group Holdings, LLC (“The Baldwin Group”), 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. The Baldwin Group 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, The Baldwin Group 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.
