ABSTRACT:
In the era of digitization and technology driven decision making process business environment is rapidly changing. Cost management in manufacturing sector has become a crucial component for manufacturing units striving to enhance profitability of business by minimizing cost and also to sustain in competitive business environment. Cost management is associated with cost control and reduction not only concentrating on minimizing the expenses but its emphasis on aligning the long term objectives of business. Dynamic nature of business environment, technological innovations and continuous improvement in production process has become inevitable for optimizing cost structure of companies. Artificial Intelligence has emerged as technological innovation which helps to analyse data, predictive modelling and automation these capabilities has transformed functions of manufacturing units. Artificial Intelligence is offering powerful tools for predicting, optimized resource allocation and improved in operational performance of business units. The present research work examines the integration of AI technologies in optimizing various aspects of steel production.Further, the authors have made a humble attempt to highlight the role of AI technologies in analyzing costs, predicting costs and improving profitability of steel units.