Unleash the Power of Data Analytics to Transform your Manufacturing Business

October 28, 2022

October 28, 2022

Unleash the Power of Data Analytics to Transform your Manufacturing Business

Manufacturing industries face unprecedented challenges in the post-COVID world. Although the post-pandemic effects are onerous, manufacturers can leverage data produced via procurement, production, and delivery processes and analyze it to gain insights. These insights can help manufacturers build data-driven strategies that can help them successfully navigate modern world challenges.

Data analytics has become an integral need for organizations as also highlighted by Mordor Intelligence’s analysis which states that big data analytics in the manufacturing industry will rise by USD 4.55 billion by 2026 (a CAGR of 30.9%), up from USD 904.65 million in 2020.

This blog will highlight data-related concerns that manufacturers face and how manufacturing analytics is becoming a driving force behind this industry’s 4.0 digital transformation.

Industry 4.0 Revolution

Industry 4.0 encompasses the ongoing advancement of technology like robots, big data analytics, self-service business intelligence (SSBI), artificial intelligence (AI), and other future IoT-powered sensors and technologies. Powered by the ability to collect, store, and process produced data, Industry 4.0 is becoming the way forward for businesses regardless if they need to address production challenges or simply enhance their supply chain, marketing, or operational processes.

Challenges of Transforming into a Data-oriented Manufacturing Business

– Integrating Data from Several Sources

Data integration from various sources is one of the biggest challenges for manufacturers. An example of this is legacy transaction-oriented ERP and CRM systems, which are used as standalone applications and do not consolidate data from various siloed sources.

– Security Vulnerabilities

The capacities of connection gateways can be interrupted by various linked devices and commercial applications. Limited computing can also pose a severe threat to many organizations and could result in issues concerning security, control, and unauthorized disclosure. Therefore, security vulnerabilities need to be identified and proactive actions should be taken to safeguard against threats.

– Insufficient Support for Massive Data Volumes

Another challenge that requires attention is the adoption of multiple devices by manufacturing facilities, resulting in larger than-ever data volumes. It is critical to implement futuristic mechanisms such as ERPs, control mechanisms, planning systems, and execution systems, that integrate seamlessly within the existing data ecosystem and offer support for growing data volumes.

Manufacturing Analytics: A Modern Approach to Excellence

The modern approach to manufacturing analytics entails collecting, sorting, and interpreting machine-generated data and translating it into real-time insights to achieve operational excellence. By leveraging the power of data analytics, manufacturing businesses can utilize rich insights for business automation and real-time response to effectively identify areas that need improvement, evaluate future requirements, and prevent bottlenecks timely.

How Can it Benefit Manufacturers?

Advanced data analytics offers decision-makers real-time visibility into all key business metrics and enables them to gain a competitive edge. As a result, business users can redefine the customer experience by leveraging efficiency measures, quality enhancement, and process innovation. Our manufacturing analytics approach empowers manufacturers with the following value-driven opportunities:

– Robust Supply Chain Management

Advanced data analytics in the manufacturing industry is a powerful tool that enhances businesses’ capability to transform the entire manufacturing lifecycle, including their supply chains. Accurate demand forecasts allow manufacturers to effectively monitor inventory levels, optimize storage, and make data-driven material purchases thereby eliminating waste.

Manufacturing data analytics empowers businesses with:

  • Demand forecasting
  • Inventory management
  • Order management
  • Maintenance optimization
  • Supplier performance
  • Early warning systems

– Overall Equipment Effectiveness (OEE) Strategy

Modern analytics applications specialize in gathering data autonomously from sensors, operators, or machines without a hassle. Manufacturing businesses can leverage this data to identify downtimes, shortstops, glitches, and purchase patterns, ultimately enhancing their OEE quality. Furthermore, it also allows manufacturers to comprehensively monitor their machinery, and work unit, and optimize their overall operational efficacy.

– Visual Management: Intuitive Dashboards and Reports

Intuitive dashboards help gather and simplify massive volumes of data in real-time. Data segmentation on individual levels helps users focus primarily on their roles through these dashboards and reports. This also reduces any disruptions created by organization-wide issues and enhances operational efficiency by proactively detecting inconsistencies.

– Logistics, Robotics, and Automation

Using the power of data analytics to monitor workflows, operational expenses, and resource projections can help businesses improve their efficiency. Large-scale organizations can also leverage manufacturing data analytics to explore the potential for robotization or automation, freeing up time for more business priorities.

Bottom Line: Data is the Fuel Powering Digital Transformation in the Manufacturing Industry

As industry 4.0 is already gaining advancement, data-driven manufacturing is becoming a prerequisite for growth. The more swiftly its acceptance occurs, the more likely organizations are to advance against the competition. Despite having remarkable BI adoption rates, the manufacturing industry still has a long way to go. However, businesses do not necessarily need to invest heavily in technologies like cloud computing and analytics-as-a-service. Even by leveraging self-serve BI & analytics, businesses can promptly take time-sensitive decisions and leverage the vast data they have to drive strategic decision-making.

Here’s your chance to use data to make a difference. Visit our Data and AI Services page for more details, or get in touch with our experts to get an overview of our cutting-edge business intelligence solutions.

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