The Business Case for Industrial AI [Infographic]

The impact of AI on industry sectors cross the globe is growing daily. It’s worth considering and quantifying the tangible difference that new technology and digital transformation is making.

We’ve put together an infographic showing some of the most jaw-dropping, exciting and impressive statistics we’ve found from authorities like McKinsey, IDC and more, to get a snapshot of the Business Case for Industrial AI:

• 33% of companies see increased revenue as the main benefit of industrial analytics
• 69% of decision makers believe Industrial Analytics will be crucial for business success in 2020
• 68% of companies have a company-wide data analytics strategy but only 30% have completed actual projects
• 82% of enterprises adopting machine learning and AI have gained returns
• 79% of companies see predictive maintenance as the most important application of Industrial AI
• Big data adoption in enterprises soared from 17% in 2015 to 59% in 2018
• Spending on cognitive and AI systems is predicted to reach $77.6B in 2022
• McKinsey predicts Internet of Things (IoT) will generate $11T in value globally by 2025

At VROC we see first hand the benefits that Industrial AI is bringing about to a wide range of industries including oil and gas, mining, power and gas utilities, water utilities and many others. Some of these benefits have included:

• 83% reduction in production losses
• $24M USD savings in cost avoidance
• Increased asset reliability from 60% to 100%
• Flaring compliance improvement from 50% to 100%

You can explore these and other benefits in our case studies.