by Dean Oliver, NFS Leasing Principal. Published in MonitorDaily.
As leasing and financial companies, when we hear the term artificial intelligence (AI), the first thing many of us think about is software and big data applications.
But the truth is many of our customers and primary lines of business are using AI in both obvious and not so obvious ways. It’s an opportunity for us to finance high value, essential use equipment for customers, especially for manufacturers.
And COVID is only accelerating the pace of AI spending.
Predictive maintenance for line equipment uses AI-based algorithms and machine learning to predict mechanical malfunctions, both for prevention and to extend the useful life of the equipment. This is a key benefit if one of your concerns is how essential the AI is to the equipment. Prevention and extending useful life save customers billions of dollars. You get a higher value piece of equipment in return if you’ve done a true lease or you have a repossession.
The predictive nature of AI-based algorithms extends to measuring product quality and eliminating defects. CIO Magazine cites how quality control and production data & analytics are 2 areas where AI is used both right now and for future planning.
Contact Dean Oliver here if you are looking to adopt AI for your manufacturing business or to discuss new ways you and your company have been using AI.