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Artificial intelligence in factory maintenance is no longer a matter of the future

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Pavel Konecny


Undetected machine failures are the most expensive ones. That is why many manufacturing companies are looking for solutions that automate and reduce maintenance costs. Traditional vibrodiagnostic methods can be too late in many cases. Taking readings in the presence of a diagnostician occasionally may not detect a fault in advance.  2017 Position Paper from Deloitte (Deloitte Analytics Institute 7/2017)  claimed that maintenance in the environment of Industry 4.0. The benefits of predictive maintenance are dependent on the industry or the specific processes that it is applied to. However, Deloitte analyses at that time have already concluded that material cost savings amount to 5 to 10% on average. Equipment uptime increases by 10 to 20%. Overall maintenance costs are reduced by 5 to 10% and maintenance planning time is even reduced by 20 to 50%! Neuron Soundware has developed a artificial intelligence powered technology for predictive maintenance.

  • Qualified maintenance workers – very common problem

Stories from companies that have embarked on the digital journey are no longer just science fiction. They are real examples of how companies are coping with the lack of skilled labor on the market. Usually mechanic-maintainer who regularly goes around all the machines and diagnoses their condition by listening to them. Some companies are now looking for new maintenance technologies to replace

A failure without early identification means  replacing the entire piece of equipment or its part. Waiting for the spare part which may not be in stock right now. Because it is expensive to stock replacement equipment.  Devaluation of the current pieces of the component in the production thus the discarding of the entire production run. Finally, yet importantly, it would represent up to XY hours of production downtime. The losses might run into tens of thousands of euros.

  • Real-time machine monitoring is a trend

Such a critical scenario is not possible if the maintenance technology is equipped with artificial intelligence in addition to the mechanical knowledge of the machines. It applies this knowledge itself to the current state of the machine. It is also able to recognize which anomalous behavior is currently occurring on the machine. Based on that send the send the corresponding alert with precise maintenance instructions. Manufacturers of mechanical equipment such as lifts, escalators, and mobile equipment use this today, for example.

  • AI can help in the various stages of production

However, predictive maintenance technologies have much wider applications. Thanks to the learning capabilities of artificial intelligence, they are very versatile. For example, the technology is able to assist in end-of-line testing. For example to identify defective parts of produced goods which are invisible to the eye and appear randomly.

The second area of application lies in the monitoring of production processes. We can imagine this with the example of a gravel crusher. A conveyor delivers different sized pieces of stone into grinders, which are to yield a given granularity of gravel. Previously, the manufacturer would run the crusher for a predetermined amount of time. To make sure that even in the presence of the largest pieces of rock, sufficient crushing occurred.  With the artificial intelligence “listening” to the size of the gravel. He can stop the crushing process at the right point. This means not only saving wear and tear on the crushing equipment but more importantly, saving time and increasing the volume of gravel delivered per shift. This brings great financial benefit to the producer.

  • The biggest savings are in companies with a high number of identical assets

When implementing predictive maintenance technology, it does not matter how big the company is. The most common decision criterion is the scalability of the deployed solution. In companies with a large number of mechanically similar devices, it is possible to quickly collect samples that represent individual problems. From which the neural network learns. It can then handle any number of machines at once. The more machines, the more opportunities for the neural network to learn and apply detection of unwanted sounds.

  • The future of predictive maintenance: obtainable and omnipresent

Condition monitoring technologies are usually designed for larger plants rather than for workshops with a few machine tools. However, as hardware and data transmission and processing get progressively cheaper, the technology is getting there too. So even a home marmalade maker will soon have the confidence that his machines will make enough produce, deliver orders to customers on time, and not ruin its reputation.

In the future, predictive maintenance will be a necessity. In industry also in larger electronic appliances such as refrigerators and coffee machines, or in cars. For example, we can all recognize a damaged exhaust or an unusual sounding engine. Nevertheless, it is often too late to drive the car safely home from a holiday. For example, without a visit to the workshop. With the installation of an AI-driven detection device, we will know about the impending breakdown in time and be able to resolve the problem in time, before the engine seizes up and we have to call a towing service.

Pavel Konecny

Pavel is a tech visionary, speaker, and founder of AI and IoT startup Neuron Soundware. He started his career at Accenture, where he took part in 35+ technology and strategy projects on 3 continents over 11years. He got into entrepreneurship in 2016 when he founded a company focused on predictive machine maintenance using sound analysis.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Politics

Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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