Dennis_Shaull_DAT 260_6-2 Assignment_AI and IoT Efficiency and Optimization of Industry Operations

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Dec 6, 2023

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AI AND IOT 1 AI and IoT: Efficiency and Optimization of Industry Operations DAT 260 6-2 Assignment September 30, 2023 Professor Dr. Sulpizio

AI AND IOT 2 AI and IoT: Efficiency and Optimization of Industry Operations Description of Use Case Asset management is one application where AI and IoT technologies are being used. Combining AI and IoT can make asset tracking, monitoring, and maintenance more effective and efficient. Assets, for instance, can have sensors attached to them to gather information about their position, usage, and condition. This data can subsequently be fed into AI systems to analyze and produce insights. This data can be utilized to plan preventive maintenance, forecast equipment failure dates, and maximize asset use. AI and IoT have significantly impacted asset management. The transition from preventive maintenance to predictive maintenance illustrates a change in how the sector operates. Asset managers can utilize AI to evaluate sensor data and predict an asset's failure using predictive maintenance. The ability to plan maintenance of an asset failing can help to minimize downtime and increase an item's lifespan. Asset location, condition, and use data are gathered via sensors. For AI systems to assess and produce insights, this data is crucial. AI systems are employed to evaluate sensor data and produce insights. These data can be utilized to plan preventative maintenance, forecast equipment failure dates, and maximize asset use. According to Plant Automation Technology (2021), “Industrial automation and artificial intelligence have made significant recent advancements. A new generation of robots has been made possible by developments in machine learning algorithms, sensor improvements, and increased processing capacity.” Plant Automation Technology (2021) also states, “Through machine intelligence, learning, and speech recognition, AI enables machines to collect and

AI AND IOT 3 extract data, recognize patterns, learn from experience, and adapt to new situations and surroundings.” Identification of Industry Operations Category Maintenance and reliability fall within industry operations that are pertinent to asset management. This is so because asset management's primary goal is to ensure that assets are trustworthy and readily available when required. AI and IoT can increase maintenance and reliability by anticipating asset failure and planning preventative maintenance. The category of maintenance and reliability is relevant to discussing the AI and IoT impact on industry operations because it is one of the most critical aspects of asset management. AI and IoT can significantly impact maintenance and reliability by helping to reduce downtime and extend the lifespan of assets. Benefits of Using AI and IoT With the usage of AI and IoT, the industry's operations are becoming more efficient in several ways. Many of the functions involved in asset management, including data collection, analysis, and reporting, can be automated using AI and IoT. This could free up personnel to work on more critical, strategic projects. Asset managers may make better decisions about how to allocate resources, plan maintenance, and maximize asset use with the help of AI and IoT information. Through the automation of processes and the provision of real-time data, AI and IoT can aid in lowering errors in asset management. By enhancing the effectiveness and efficiency of asset management, AI and IoT can help to enhance production capacity. For instance, AI and IoT can contribute to ensuring that more assets are available for production by decreasing downtime and prolonging the lifespan of assets. IoT and AI can also help to increase asset usage and, ultimately, productivity. IoT and AI are anticipated to contribute considerably more to raising production levels. For instance, AI-powered systems might be created to optimize production schedules and reallocate resources. Additionally, data on the operation of production equipment might be gathered, and chances for improvement could be found using IoT-enabled sensors.

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