Businesses and manufacturing companies have realized that data and analytics are the keys to improve operational efficiencies, business processes, and transform business models.
As manufacturers today are planning to streamline all the functions from the manufacturing process, all the way to their business models, the key is to make the conventional system more efficient and effective, by leveraging data and analytics. The major focus has been to make use of big data and make sense of it. The major step for manufacturers that are planning to deploy advanced analytics to enhance yield is to consider how much data the company is generating. Most of the organizations collect a huge amount of data but typically use them only for tracking purposes, not as a basis for improving operations.
The manufacturing companies are now looking at all the available data that is generated as an opportunity. To gain benefit out of this opportunity, organizations must gather a vast amount of data from multiple sources and multiple plants. The companies must invest in technologies such as AI-enabled data engine to reap benefit out of the data. By analyzing all the collected data, manufacturing companies can gain useful information about the production processes. That’s the opportunity all the manufacturing companies must look at.
By deploying data analytics tools, companies can compare system performance and they can also obtain what is the actual reason for the variation. Small percentage gains in efficiency can make a huge difference for organizations. With the traditional approach, it would take weeks to measure the performance and understand why one is better than the other, which was almost impossible. However, by implementing data analytic tools, organizations can get answers to all those questions.