To remain competitive today, manufacturers should look to use smart data to bring the following benefits to their businesses:
Unleash manufacturing productivity with Data, AI and Analytics
29 Feb, 2024
Manufacturers have always used data, from the designs and drawings translated into job sheets and processes to the monitoring of production efficiency through time and motion studies.
However, with the introduction of more sophisticated digital technologies, the use and collection of data have taken on new importance. With data from not only inside, but also outside the factory, now providing demonstrable value to organisations.
More and more manufacturers are applying data and analytics across their processes to optimise their supply chains, improve product scheduling and sales forecasting, reduce costs, develop new propositions and monitor machine usage and reliability.
Big Data, AI and Data Science
These tools can help manufacturers to understand their customers, requirements and preferences, to better fulfil their demands and satisfy their needs. Data is also needed to attract customers and assess the risks from the competition when introducing a new product to the market or improving existing ones. This plethora of data management tools is used to gain these insights whilst modelling, planning and supporting decision-making across the enterprise.
- 1
Demand forecasting and inventory management
Make an impact with your supplier-manufacturer relations to regulate stocks and the whole supply process.
- 2
Predictive analysis
Analyse the present day data to forecast and avoid future problems.
- 3
Fault predictions and preventative maintenance
Forecast the failure of your equipment to prevent downtime.
- 4
Price optimisation
Be sure of your pricing and cost data from internal and external sources to achieve a competitive edge and derive optimised price variants.
- 5
Manage your supply chain
Analyse potential risks or delays and calculate the probabilities of problematic issues.
- 6
Automation and robotisation
Now more popular and affordable than ever before and not to be unsure of, Data Science helps to programme and help the smooth functioning of robots to increase quality of products being manufactured.
Manufacturing production has transformed in recent times as industrial businesses evolve into digitally-connected, tech-enabled operations. Such a move brings a wealth of opportunities to drive productivity improvements, cost-savings, market differentiation, customer insights and new revenue streams. The challenge for businesses lies in how best to harness the disruptive force of these technologies and translate it into a competitive advantage. In our Smart Factory of the Future series, we cover the five key areas that help the manufacturing industry drive down production costs while driving market productivity levels and competitiveness.
HSO works with many well-known and enterprise-sized manufacturers.
We offer a Data Maturity Assessment to help manufacturing companies get measurable value from their data. It is a five-day diagnostic exercise, based around a series of workshops and interviews that measures the value of your Data and Analytics activities. By the end of the assessment, you will find out how your data is being used and the steps to take to embed a data-first culture.
Data analysis plays a critical role in making decisions with a greater certainty of outcome. By the end of the week, following the assessment results presented, you will have a plan to achieve significant improvements within your manufacturing business.
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