Your business can be a new entrant in the market, or an established competitor, every business no matter how big or small does need data and intelligent interpretation of it to rise and shine in the business arcade. Leveraging big data helps companies in gaining an edge over others and outperform the competition.
Moreover, success depends on various factors; it is not just about how you run your business. The economic and social factors also have an influential role to play. Big data analytics tools allow you to analyze social media, current market trends, and latest news, in depth.
That been said, the concept of big data can sound ambiguous, unless it is explored in the context of a specific vertical, and analyzed how data accumulation helps an industry. Let’s examine how big data can help the manufacturing industry.
Big Data & The Manufacturing Industry
There are a growing number of manufacturing companies that have been successfully extracting, analyzing, and interpreting big data to generate business-growth and operational efficiencies. In .the past 20 years, many manufacturers have been able to control waste, reduce process flaws, and improve product quality, by taking advantage of big data analytics.
The manufacturing industry is one that is most affected by big data, and this is due to the nature and amount of data that is generated by it. Introduction of the Internet of Things (IoT) made the collection of big data possible. Based on the research by major consulting companies, Internet of Things (IoT) could add $14.2 trillion to the global economy by 2020 and that manufacturers will be able to use the data collected IoT sensors and analytics to come up with better manufacturing processes and products.
Let’s examine a couple of use cases where big data is helping the manufacturing industry.
- Product Tracking:
In Supply Chain Management, big data empowers the manufacturers by helping them to track the exact location of their products, which is an essential requirement in this industry, as often products that have been released by manufacturers are lost and hard to trace.
- Simplified Production Monitoring:
In Operations Management, daily production monitoring is simplified by collecting big data from various sources such as operational machines and the corresponding financial information, system logs outlining the production details, and also the employee information from their access badges.
- Production Process Optimization:
In Product Development, the specific process steps with the material information and the interdependencies are captured, which can be analyzed to create simulation models to create a most effective product development process. One of the top-five of the biopharmaceutical manufacturers used advanced analytics to increase the yield by more than 50% in vaccine production, and that too without incurring any additional capital expenditure.
Big data and analytics empower manufacturing companies in improving the manufacturing process, improving the quality of the production, and create new and innovative products.
As experts in Data Management and the Data Analytics solutions, we at ALIS are prepared to continue to frontend the explosive growth in the Big Data and empower organizations across all industries achieve business benefits.