The 7 key benefits of Data Excellence
As a manufacturing company, real-time data analytics allows you to gain insight into your assets and operational processes to increase availability and improve productivity. But when using data in the right way, you can benefit much more.
Here are seven more benefits when you achieve Data Excellence.
1. Prevent downtime
When a device or machine is not working, it can lead to downtime in the production process. Something you want to avoid whenever possible. You can be ahead of failures with preventive maintenance and data helps you do this. Smart Maintenance can reduce maintenance costs and downtime by up to 20%. By using AI automated solutions and cloud-based technologies, you can improve the efficiency of production processes and reduce downtime.
2. Higher product quality
By using data, you can improve product quality by up to 35%. By performing quality tests automatically instead of manually, you save costs and can test more accurately. This not only leads to a cheaper product testing phase, but also to more reliable testing and ultimately better product quality.
3. More operational efficiency
Although automated production lines are already standard in many companies, you can use data to take speed and quality to the next level. By analyzing machine logs, you gain insight into performance and can take steps to improve it. Increased efficiency will save costs, boost productivity and increase margins.
4. Better insight into processes
As many as 77% of companies have no or limited insight into their processes. While these insights actually reveal bottlenecks. By collecting sufficient process data, you get a valuable picture of your flexibility, the risks you run and for example customer satisfaction. More insight into your data is the first step to start improvement processes to better streamline your processes.
5. Better risk management
Data Excellence helps you manage risk by collecting, analyzing and interpreting data from sensors, machines and other resources. Using AI and ML, you can then discover and predict patterns you wouldn't otherwise notice. Thus, problems are identified and solved faster. Furthermore, if certain values are exceeded, you can trigger an alert so that you can react immediately to mitigate the consequences.
6. Improved customer satisfaction
If you can respond faster and more efficiently to customer requirements, you will soon be one step ahead of your competitors. How? With the right use of data. By using data about the end user and the application of the product and feeding this back to R&D. This allows you to continuously improve products. This results in better quality and service and leads to higher customer satisfaction.
7. Predicting demand
Data Excellence allows you to better anticipate customer demand. Machine Learning helps you predict production demand per week or per month, allowing you to order the required materials and schedule capacity on time. This way, you make sure there is always enough stock and customers never have to wait for their order.