AI: The next frontier of performance in industrial processing plants
McKinsey September 19, 2023. By Filipe Barbosa, Kane Blay, Mike Doheny, Usman Farooq, Milan Korbel, Soenke Lehmitz, Andy Luse, Lapo Mori, Xavier Morin, Richard Sellschop, and Dan Swan, representing views from McKinsey’s Global Energy & Materials Practice.
The integration of Artificial Intelligence (AI) into industrial processing plants heralds a significant leap forward in operational efficiency and economic value, with AI now more accessible than ever. A McKinsey survey highlighted that AI leaders are outperforming their peers by a considerable margin, pointing to a potential $13 trillion increase in global economic activity by 2030, with the industrial sector alone harboring about $1 trillion in untapped value. Despite current low adoption rates in the industrial sector, AI’s application in processing plants has already shown promising results, including a production increase of 10 to 15 percent and a rise in EBITA by 4 to 5 percent.
This article delves into how AI can enhance traditional process controls, improve decision-making with data-driven insights, and optimize operations for increased productivity and competitiveness. By leveraging existing infrastructures, such as network designs and historical data, industrial plants are uniquely positioned to exploit AI’s capabilities, from detecting intricate patterns to offering strategic recommendations that humans might overlook, paving the way for a future where AI-driven processes become the norm in industrial operations. Click here to read the full report.
