New Business Models on Artificial Intelligence—The Case of the Optimization of a Blast Furnace in the Steel Industry by a Machine Learning Solution

Abstract

This article took the case of the adoption of a Machine Learning (ML) solution in a steel manufacturing process through a platform provided by a Canadian startup, Canvass Analytics. The content of the paper includes a study around the state of the art of AI/ML adoption in steel manufacturing industries to optimize processes. The work aimed to highlight the opportunities that bring new business models based on AI/ML to improve processes in traditional industries. Methodologically, bibliographic research in the Scopus database was performed to establish the conceptual framework and the state of the art in the steel industry, then the case was presented and analyzed, to finally evaluate the impact of the new business model on the operation of the steel mill. The results of the case highlighted the way the innovative business model, based on a No-Code/Low-Code solution, achieved results in less time than conventional approaches of analytics solutions, and the way it is possible to democratize artificial intelligence and machine learning in traditional industrial environments. This work was focused on opportunities that arise around new business models linked to AI. In addition, the study looked into the framework of the adoption of AI/ML in a traditional industrial environment toward a smart manufacturing approach. The contribution of this article was the proposal of an innovative methodology to put AI/ML in the hands of process operators. It aimed to show how it was possible to achieve better results in a less complex and time-consuming adoption process. The work also highlighted the need for an important quantity of data from the process to approach this kind of solution.

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