Data & Analytics: How the Manufacturing Industry is Innovating
Technological advancements are shaping the world today. From improved communications and increased geographical reach to a host of efficiencies and cost savings. To say technology is vital to innovation today is an understatement.
In many industries, these advancements have revolutionized operations and profit margins. For the manufacturing sector specifically, those improvements continue to disrupt. In this blog, we’ll look specifically at how data and analytics are being used today to catapult the industry into all new territories of possibilities.
Business Intelligence & Industry 4.0
In light of all the advancements happening in the manufacturing industry today, the term “Industry 4.0” has been coined to describe the fourth industrial revolution. It’s one where man and machine work together more intimately and share responsibilities on the factory floor like never before.
These automations make it possible to work faster and smarter as well as gather critical data about the operations that, when analyzed and leveraged properly, lead to increased productivity, safer work environments, reduced costs, and better quality products.
Business intelligence, which marries data and action, is important to the manufacturing companies as they struggle to meet fast-changing industry demands. BI sifts through the large amounts of data already collected and extracts ways for businesses to improve. Take for example the discovery of an error that’s been constant in the production line. Zeroing in on where and when that error occurs and then finding the best solution to correct the action for the future is what BI is all about for the manufacturing industry.
Predictive Analytics to Stay Ahead
Leveraging data collected about the operations isn’t just a way to better monitor production amounts and cut down on spending. Today, having a predictive analytics solution that can help intelligently get ahead of costly machine breakdowns or other halts in production lines is critical for survival.
Research Company Statistics found that the market for global predictive analytics will grow to $14.95 billion by 2023. A 21% CAGR increase when compared to the market in 2016 which spent only $3.89 billion.
To achieve this advancement, the future factory will use sensors and real-time technologies to gather, extract and then evaluate data in an efficient way while determining a course of action as a preventative measure.
This takes the benefit of data analytics a step further and helps companies to always be prepared in advance of scenarios that in the past could have caused significant losses. Losses that, according to consulting firm ITIC, cost organizations over $100,000 for a single hour of downtime.
Take action sooner, discover issues without having to use time-consuming and manual processes and digest and extract valuable insights from the data in an easier and more effective way.
The future of data and analytics in the manufacturing industry has massive potential to transform operations. Since technological advancements are necessary, it’s important to work with trusted partners as you evolve and innovate.