AI and AutoML Software Can Help with Global Inflation

AI and AutoML Software Can Help with Global Inflation
AI and AutoML Software Can Help with Global Inflation

Inflation is at an all-time high around the world and the cost of goods and services has gone through the roof. The price increases are linked to problems in the global supply chain. The lack of raw materials and cost of fuel, among other factors, have combined to make manufacturing a much more expensive process. 

The increase in manufacturing costs isn’t just limited to one sector. Manufacturers across every industry have been affected. There isn’t one magic pill that is going to fix the problem but, there are a few solutions that exist. Answers could be found in artificial intelligence (AI) and machine learning (ML) software systems. There’s no need to get too deep into the differences between them but suffice it to say ML is a kind of AI. This article offers an overview of how ML and AI software solutions could help alleviate symptoms of the global supply chain and the cost of living crisis. 

AI and AutoML Software can Help Reduce Fuel Consumption

With fuel prices being one of the main forces behind the cost increases seen in places like supermarkets, cutting fuel use is a must. When these software programs are implemented in factories, unnecessary use of electricity and gas plummets. AI software can give manufacturers insights into where they are using too much energy on their assembly lines. They can adjust their output accordingly, thereby saving energy costs, which in turn can be passed on to the consumer. 

Another example of fuel affecting the cost of goods and services is in trucking. AI can give shippers insights into if their trucks are using too much fuel. The shipping companies then can advise their drivers to cut back or devise new routes that may consume less fuel. 

AI Software Solutions can help with the Waste of Materials and Finished Products

Waste in all forms is another reason for cost increases. Waste can rear its ugly head in a few different ways during the manufacturing process. It can come in the form of damaged or spoiled raw materials coming into the factory. It can also look like excess amounts of manufactured goods waiting around in wholesalers’ warehouses for far too long. AI and ML software can help in both instances.

In places like food and beverage factories, AI software is already helping to inspect incoming materials for spoilage. In these cases, software is literally helping to catch rotten apples before they spoil the whole bunch. Finding and eliminating threats like these get more raw food materials through the system and into our kitchens. This helps keep costs down. The same software systems are collecting information on purchase patterns that should affect ordering, therefore dictating what manufacturers should make. This can help with the efficiency that factories operate at, telling them in real time what they need to be making. This will alleviate the problem of overproduction of certain items. The factories then could be using their time and energy making goods that people want and need.