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May 15th, 2019
Big Data is changing every single industry; it is having an impact on the way businesses work. The manufacturing and supply chain industry is no stranger to using big data and analytics to improve efficiency and save time and money.
Big data analytics can have multiple uses in the manufacturing industry from improving process to managing risk.
One way that manufacturing companies can improve efficiency is by understanding the product and the demand the customer has for it. In 2014 LNS Research found that 46% of manufacturing companies use big data to improve product forecasting and production.
When the data collected by consumer spending habits, as well as demand, companies can identify any trends around certain seasons and products. The can update the manufacturing process accordingly, saving time, money and efficiency.
Keeping high performance across manufacturing sites is key to keeping up with demand and maintaining efficiency. In the same LMS Research report it found that 45% of manufacturing companies are also using big data to understand ‘plant performance’.
With large businesses, keeping on top of this can be a challenge, but big data can help identify any problems. Data can help the business see how each stage of the manufacturing process is affecting the next.
Like with any industry the customer is at the forefront, and for a company to become customer driven they have to understand their customer. Big data is a great way of doing this. Analysing what they are buying, when and how they are reviewing products, can help manufacturing companies improve where needed.
These are just a few ways big data and analytics can help to improve the manufacturing industry. Once the mass of data is collected businesses can really start to streamline their manufacturing process.
As more data is collected the benefits are only going to increase. I’m excited to see how else big data can continue to improve efficiency, not just in manufacturing but across all industries.
Do you work in the manufacturing industry? Has big data helped you improve efficiency?
This blog was originally published on LinkedIn. To read the original blog click here.