According to 2024 predictions for IFS Enterprise Asset Management, next year a record number of companies will gain direct access to—or use—artificial intelligence (AI). AI technologies, accessible to organizations of every size, will help solve many business‑process challenges.

A Forbes study projects that the AI market will reach $407 billion by 2027—up from an estimated $86.9 billion in 2022. A recent Gartner survey reflects this growing value: 75 percent of enterprise strategists view AI and analytics as critical to their success over the next two years.

AI Embedded in IFS Solutions
IFS products include AI‑powered analytics that deliver meaningful operational insights and drive efficiency and profitability across the enterprise.

How AI Creates Value for Companies
We see rapid AI adoption among IFS customers—many leverage the AI already integrated into existing IFS solutions, while others are deploying IFS.ai, our purpose‑built industrial AI platform. Here are two examples:

Customer Success Story: Preventive & Predictive Maintenance

Predictive maintenance is a perfect example of AI in IFS Enterprise Asset Management. By combining data from corporate assets, IoT devices, and other sources, these AI capabilities enable customers to manage preventive and predictive maintenance models seamlessly.

Holmen, a global producer of lumber, wood, paper, and packaging, relies on IFS EAM to support its preventive‑maintenance model—ensuring data collection, insights, control, and stability to safeguard production capacity.

“We will use IFS Business Connector along with subsystems and solutions—including AI and machine learning—to support connected machines and enhance predictive maintenance. For example, AI can collect external data and, within months, flag an asset’s maintenance need and automatically generate a work order. IFS will become our information hub for digitized mills,” says David Lyrén, Holmen’s Technical Director.

IFS.ai: Industry‑Built AI

IFS.ai is designed specifically for industrial use—empowering and transforming operations with leading‑edge AI that helps customers deliver when it matters most.

Customer Success Story: Agile Growth & Scale

Cheer Pack North America, a global leader in semi‑rigid and flexible liquid packaging under CDF Corporation, has used IFS since 2007. They prioritized IFS.ai to support their robotics‑infused automation solution in North America.

By automating material movements, IFS.ai frees human workers for higher‑value tasks—helping Cheer Pack address labor shortages. It also enables the company to confidently promise aggressive delivery lead times based on IFS.ai’s reliable functionality.

“One of our biggest challenges was lot traceability. Our legacy line‑system couldn’t give us the material tracking our customers demand. Thanks to IFS.ai’s agility, we moved to an order system that delivers far greater traceability. Now we meet every customer requirement,” says Alex Ivkovic, IT Director for CDF Corporation and Cheer Pack North America.

What’s Next with IFS?
These are just two examples of IFS customers leveraging AI through IFS technology. The results? Interactive user experiences, automated processes, and powerful analytics—all informing the critical business decisions that drive success today and tomorrow.

To explore more of what’s ahead in 2024, read “IFS Predictions 2024: Enterprise Asset Management.”

Source: https://blog.ifs.com/2024/02/democratizing-access-to-artificial-intelligence-for-all-enterprises/