The Modern Industrial World adapts to survive unforgiving market disruptions, rapid demand changes, and meeting technological standards while focusing on their own corporate elevations. In making these daunting efforts less complex and relatable, data analytics keeps companies updated and helps them transform into modern digital hubs to capitalise on the tremendous benefits of utilising big data. The use of modern data analytics in the manufacturing industry can never be emphasised enough due to the range of opportunities that it can enable. Manufacturing leaders can effortlessly generate insights in upheaving ROI levels, ensuring the health of asset networks, understand the market trends better, forecasting future results and phenomena, and making success-guaranteed business decisions by harnessing data analytics capabilities.
Why is manufacturing data analytics highlighted in the new standards of Industry 4.0, and why is data analytics no longer regarded as an upgrade for manufacturing companies but a threshold for companies to succeed in the digital age? This article probes the ins and outs of data analytics in the manufacturing world and how it made manufacturing companies more flexible, relevant, and agile in making decisions.
Why is manufacturing data analytics highlighted in the new standards of Industry 4.0, and why is data analytics no longer regarded as an upgrade for manufacturing companies but a threshold for companies to succeed in the digital age? This article probes the ins and outs of data analytics in the manufacturing world and how it made manufacturing companies more flexible, relevant, and agile in making decisions.
What Really is Data and Data Analytics in The Manufacturing World?
The contemporary manufacturing world is delicate and complex; it has various moving gears, equipment, production lines to last manufacturing factories integrated to keep the production processes up and running uninterruptedly. Thus, when the manufacturing world grows ceaselessly, so does the manufacturing datasphere. Almost all large-scale manufacturing companies underwent the computerisation phase long ago, but modern manufacturing establishments are starting to see that the capitalisation of the abundance of data collected from their systems is the new way towards success.
Brief Introduction to Manufacturing Data
So what is manufacturing data? Manufacturing data refers to the data billowing from almost every part of the manufacturing system. Data keeps piling up from sensors, machines, devices and systems that keep networking the IIoT. Manufacturing Data is usually stored in Data Warehouses and Data Lakes- these repositories give the companies the luxury of storing copious amounts of data essential in improving and optimising your business bottom line. Manufacturing data simply refers to all information, documentation, materialism databases about the end-to-end manufacturing operations of your factories and other integrated departments- simply, it is every knowledge related to your manufacturing efforts.
Brief Introduction to Manufacturing Data Analytics
The abundance of manufacturing data- though it seems managing and storing them is daunting- is very useful for manufacturing data analytics. The reasons behind the massive transformation in manufacturing players and their performances are solely because of timely and effective manufacturing data analytics. After the disruptions rooted by the Industry 4.0 demands, manufacturing companies comprehended robotisation, IIoT, process automation utterly essential for growth, optimal performance and ROI up swinging. However, these new disruptions all lead to the broad application of manufacturing data, which led to rapid increments in the amount of data stored and processed. This led to the mandatory use of Data Analytics. From a manufacturing perspective, Data Analytics is the science of processing manufacturing data to make actionable insights and optimise the enterprise-scale performance of manufacturing companies. Manufacturing Data Analytics is advanced by automation via AI-powered algorithms and mechanical processes that work over real-time manufacturing data to make manufacturing decision-making easier and faster for humans.
Manufacturing Domains Facilitated by Data Analytics
Here are some of the aspects where Data Analytics has helped in optimising the manufacturing efforts of manufacturing companies.
Predictive and Diagnostic Analytics
Data analytics have developed into predictive and diagnostic analytics technology, two of the most buzzworthy topics in the manufacturing world of the new age. Diagnostic analytics harnesses historical information to diagnose a manufacturing asset and find root causes for problems to prevent impending mishaps. It drills down to production inefficiencies, delays, inventory shortages to enable diagnostics on the convenience and performance of assets.
On the other hand, Predictive analytics technology uses data analytical capabilities to help manufacturers dive deep into finding potential issues, delays, suboptimal performances, unusual degradations and other discrepancies using historical and real-time data patterns. It dispels overproductions, extended idle time in manufacturing processes, and all time, money and effort wastages during production, warehouses, logistics and more. Sound fault analysis and forward-looking preventive measures are tailored using this fantastic data analytics technology.
On the other hand, Predictive analytics technology uses data analytical capabilities to help manufacturers dive deep into finding potential issues, delays, suboptimal performances, unusual degradations and other discrepancies using historical and real-time data patterns. It dispels overproductions, extended idle time in manufacturing processes, and all time, money and effort wastages during production, warehouses, logistics and more. Sound fault analysis and forward-looking preventive measures are tailored using this fantastic data analytics technology.
Demand Forecasting
Another instance where data analytic facilitates the manufacturing world is in analysing the market behaviours. Manufacturing data collected from markets and competitors can be explored, and stories can be told to domain experts like accountants, investors and other key stakeholders to make future-proof decisions. Understanding the demand fluctuations, the demand rates during peak seasons allow manufacturers to improve supplier and manufacturer relations, meet specific client expectations, and keep competitors at bay. Descriptive analytics covers the essential information you require to forecast your demand by identifying patterns and strategies to augment manufacturing processes to meet real-time needs.
Product Planning
Data Analytics also plays a prominent role in product planning, especially in two main areas: product development and price optimisation. Through data analysis leads to more significant opportunities in understanding the client better and satisfying their needs with optimal product development approaches. By capitalising big data, the manufacturers can either improve their existing products to be order winners in the market or disrupt client expectations with a brand new product.
Secondly, customer feedback and production costs can be analysed throughout a time frame using embedded analytics and other manufacturing data analytics technologies and finding the best possible prices for products. The initial outlay of raw materials, overhead costs, logistics cost and analyse the client reactions to the prices. Price optimisation plays a significant role in attracting loyal clientele and dispensing additional or needless expenses during the manufacturing process. Data, especially in highly competitive environments in the manufacturing world, is the most critical asset for thriving companies, and data analytics makes data actionable and meaningful.
Secondly, customer feedback and production costs can be analysed throughout a time frame using embedded analytics and other manufacturing data analytics technologies and finding the best possible prices for products. The initial outlay of raw materials, overhead costs, logistics cost and analyse the client reactions to the prices. Price optimisation plays a significant role in attracting loyal clientele and dispensing additional or needless expenses during the manufacturing process. Data, especially in highly competitive environments in the manufacturing world, is the most critical asset for thriving companies, and data analytics makes data actionable and meaningful.
Get The Fullest Potentials of Technology
With optimal data analytics capabilities, manufacturers can confidently invest in technological upgrades. For example, poor maintenance of robots and AGVs can lead to expensive system downtime, but data analytics technology can monitor and gain insights into robot performances and impending risks using condition-based asset data. With confident robot utilisation, manufacturers can gain the advantages of top-notch quality products, dispel human errors and meet the fluctuating product demands using AI-powered robot models. Other technologies like computer vision applications, sensors, security systems, IIoT, Digital Twin can all be empowered and resilient using manufacturing data analytics.
Perks of Using A New-Age Manufacturing Analytics Solutions
The limitation of legacy manufacturing systems- incapability to harness manufacturing data from all the phases of the manufacturing life cycle- was overridden and mitigated with the emergence of Manufacturing Data Analytics Solutions. A Manufacturing Data Analytics Solution refers to the convergence of modern technologies like IIoT, big data, AI models, predictive and prescriptive analytics to enable a mobile-first BI-based solution for manufacturing companies to make decisions efficiently, effectively and conveniently. It collects data from numerous data sources that surge a copious amount of data and correlate them to identify hidden and convenient areas of improvement.
Currently, instead of relying on intricate solutions, complex and expensive technologies, and expert assistance, your manufacturing data can be self-reliantly and agilely generated and utilised if your company is upgraded with the right data analytical technologies. Modern Manufacturing Data Analytics Solutions allow manufacturing practitioners to augment analytical processes to fit current events and scenarios and make decisions based on real-time data and demands. Here are some of the advantages you can exploit using a Modern Analytics Solution in the Manufacturing Domain.
- Modern Manufacturing Analytics Solutions have completely integrated manufacturing data pipelines from cloud-to-core-to-edge so that data players will be updated all the time.
- They are high-sensitive and reactive to manufacturing process anomalies, risks and failures
- They deliver actionable insights for manufacturing managers to make proactive business decisions
- Enables out-of-the-box data security for all manufacturing data
- Allows self-reliant solutions rather than expert-based expensive insight generations
- Have the capability of enabling event-based BI to make specific decisions during particular events
- They can be upgraded with new technological disruptions
- Play a major role in upheaving OEE standards of manufacturing sites
- Unlocks predictive advantages to gain insights on impending risks and unfavourable events to avoid them
- Optimise supply chain operations in transportation analytics, early warning systems, order management, demand forecasting and more.
- Optimise field service and support systems with real-time service demands and close at hand service requirements
- Improve production quality with real-time quality monitoring technologies, analysing root causes and optimising the reliability of manufacturing processes
Cerexio Implements The Best Analytics Solutions for Global Manufacturing Practitioners!
Cerexio is recognised as one of the best new-age software solution providers for data-centric manufacturing leaders worldwide. The Data Literacy and Analytics solutions pioneered by Cerexio have proved to boost productivity, cut down wastages and provide a predictive lens for manufacturers to perform resiliently even during unforgiving competitive environments. Cerexio Self-service Embedded Analytics, Cerexio Self-service AI-powered Analytics, Cerexio Predictive Analytics and Cerexio Asset Risk Prediction are the most necessary manufacturing data tackling upgrades that can elevate your manufacturing premises into Smart Factories. Connect with Cerexio to learn more about these unique data analytics solutions.
Data Analytics Remains Crucial in The Manufacturing Domain
It is well-known that the manufacturing world predates the utilisation of smart data analytics and is always in the front line in merging data analytics trends. Manufacturers’ success predominantly relies on ‘adaptation’ or ‘being resilient to change’, and manufacturing data analytics is the brain behind fueling potential in these companies to make smarter time-sensitive decisions. Data Analytics help manufacturers wield power to overcome process variability, complexity and unimaginable speeds by anticipating risks, failures, delays and suboptimal functionality standards and dispelling them with proactive, forward-looking decisions. With Data Analytics, manufacturers of the new age are racing and meeting targets and goals cost-effectively, agilely and more efficiently than ever before.
