Today, however, manufacturers have more data than they can manage and analyze. The rise of the Internet of Things (IoT) also includes network-enabled assets and equipment that can measure, record, and transmit their performance. Thus, it is important for manufacturing companies to properly maintain and optimize the performance of their assets.Īsset performance is usually recorded in machine logs. Avoiding asset breakdown can also minimize inefficiencies and even losses. A little improvement in asset performance can lead to significant improvements in overall production. Manufacturing is an asset-intensive industry. As more manufacturing companies are beginning to understand that Big Data and Big Data analytics are required to compete in today’s business landscape, they are also beginning to realize its key business advantages: Improving Asset Performance and Efficiency 48% of manufacturers also believe that utilizing Big Data analytics is no longer optional. In 2016, Forbes reported that 68% of manufacturers are already investing in data analytics. However, the advantages that Big Data offers manufacturers are not limited to achieving productivity and efficiency gains. It can allow manufacturers to go deeper into supply chains, further investigating variabilities in production processes, and going beyond lean manufacturing programs such as Six Sigma. Big Data analytics can enable manufacturers to take a granular approach to improving the manufacturing process.
Analytical tools for data analysis drivers#
In today’s technology-driven business environment, Big Data stands as one of the key drivers of productivity and efficiency for manufacturers. In response to these trends, manufacturing companies are recognizing the importance of increasing their productivity and efficiency, thereby offsetting any slow growth in demand. The increasing nationalist movements around the world are leading to possible changes in trade agreements which could further impact the growth of the industry as many global manufacturers take a “wait and see” approach to capital expenditures, says PwC. This demand is not expected to pick up any time soon. Consulting firm PwC reports that the global demand for manufactured products will only grow by 3.4% in 2017 following an almost similar growth of only 3.1% in 2016 according to the International Monetary Fund.