Industries across the world are leaping into the digital transformation wave by adopting advanced technologies. It’s the same for the manufacturing sector, which has taken up the lane of analytics to bring in the vigor of informed decision-making and enhanced performance.
The manufacturing sector has leveled up with the concept of Industry 4 that’s decked with the accelerated development of technologies like artificial intelligence, advanced analytics, robotics, and IoT-powered sensors and devices. This advancement has served manufacturers to collect, store, process, and employ data in diverse operations. Additionally, the manufacturers are enabled to extract acumens with business intelligence and analytics.
As the manufacturing industry continually seeks innovative and novel solutions that could promote large-scale process automation and execution time acceleration, we take you through insights as to in what ways data analytics can remodel the manufacturing industry.
A Close Look At The Market
As per the reports presented by Globe Newswire, it has been predicted by Market Research Future that the global analytics market is estimated to rise at a CAGR of 28.9% from 2016 to 2026, aiming for an approx market value of USD 1.32 million.
Industry 4.0 lends the manufacturing sector with production efficiency and product customization, thereby lending the merits of robust connectivity, advanced analytics, and seamless automation. Leveraging Data Analytics helps manufacturers enhance speed to market, improve service effectiveness, and create a new business model for better productivity.
Be it regarding the resilience of the supply chain or operations restoration or overcoming production challenges, the power of Data Analytics under the domain of Industry 4.0 is the way to go about it.
Manufacturing Sector: Fostering Innovation with Data Analytics
When combined with manufacturing, data analytics offers a range of actionable insights that helps manufacturers explicitly support the most critical choices of a company. It strives to answer questions like which product brings in the lowest margins, which are our top manufacturing competitors, etc.
This falls into the initial wave of analytics and focuses primarily on improving product growth as the product usually stands as the center of the manufacturing process. Other standard spheres of focus cover supply chain optimization, sales and marketing budget control, warranty spending reduction, and overall financial management improvements.
Data Analytics endows you with breakthrough insights, accompanied by a substantially positive effect on business results and potentially provides an incredible ROI on the analytics investment of an organization. Moreover, analytics can develop new revenue models formulated around exchanging services of the manufacturing corporation.
Check out the few ways of how Data Analytics is lending value to the manufacturing sector across different domains:
Maintenance of Low Operating Costs:
Right from immediate supply chain analysis to monitoring revenue streams, Data Analytics helps to manufacture employees with ad-hoc handling of queries in a matter of minutes. It assists the authorities to get results in a visualization model with easy-to-read data while also embedding the same in shared workflows and portals. Thereby aiding the manufacturers to decide how the manufacturing unit could spend funds and consider eliminating costly reports or pay-per-user license fees for data solutions.
Striking an equation between Automation and Labor:
A few challenges bring in the requirement of both automation and human assistance at the same time. For instance, the challenges that come with maintaining warehouses, whereby automating specific procedures become essential, and human interference stands vital. Workforce analytics allow manufacturers to introduce workable staffing solutions and ROI monitoring.
Mitigating Data Violation and Cyber Threats:
Be it preventing phishing scams, training employees, updating antivirus, or any other, Data Analytics is the apt solution. Being crucial considerations in the manufacturing industry, especially while massive data collection, data analytics stands to be an enterprise-grade data security solution. Hence, helping manufacturers to keep data safer from any misuse and providing benefits like authorization permissions, additional security layer, unified data governance and management, and auditable and traceable data insights.
Data Analytics in Manufacturing can aid effective decision-making by resolving operational issues. It allows manufacturers to examine billions of data rows from different sources while also enabling them to identify inefficiencies, opportunities for organizational enhancement and share insights with authorized users.
The Final Lines
Manufacturing industries are prone to generating lots and lots of data which might go unutilized if no Data Analytics strategy is kept in practice. Data-driven manufacturing can lead to better speed and efficiency. Ready to make a considerable impact with data? Connect with Teksun’s tech mavens and give your manufacturing facet a boost!