How can Big Data Transform your Assembly Line and Boost your Bottom Line ?
The value of Big Data can never be underestimated. Significant findings suggest that Big Data technologies can make the existing unfathomable silos usable and give them more transparency towards a promising future of innovation growth and productivity.
The current face of manufacturing industry is still suffering from duplication of data and wasted resources, even after twenty years of lean operating principles. Research studies and surveys carried out by the Aberdeen group and McKinsey Company have hinted at the dire need of gaining more control of data and its collection process and generating more value from it by combining mathematical tools and Big data technologies.
Big Data Disruption – Top Layer Technologies with the Ripple Effect in the Big Data Realm
Experts opine that the manufacturing industry is all set to take a complete detour during 2015. Lower costs and greater investments, narrower customer segmentation, competitive offerings, innovation and productivity are going to be commonplace according to industry gurus.
- Social Media data and unstructured data gathered from non-conventional sources will drastically affect the data collection process. In order to map the demand to production, accurately predict new product performance or analyze the supply chain, real-time data and social media data will be heavily used to study trends. Manufacturers will be able to capitalize on exponential gains in cash flows as these trends will give way to plausible predictions for business strategists.
- The Internet of Things will enable physical objects to be connected electronically and collect and exchange data seamlessly. The widespread use of sensors and ability to let disparate equipment to talk to each other will mean accurate real-time usable information. Strategists will be able to identify existing gaps in processes and make informed evidence-based decisions. All this will come at a fraction of the existing cost as smart data will enable efficiencies like never before.
John Zegers, director of Georgia Center of Innovation for Manufacturing predicts that Big Data will be the major driver for production and efficiency. Zegers predicts that this trend will allow bottom lines to surge helping the manufacturing industry to surpass that growth rate of GDP itself.
Big Data Precipitation – A Complete Refurbishment in the Manufacturing Industry Ecosystem
Aberdeen suggests that the science of data management must be deciphered to evaluate challenges and opportunities and ascertain capabilities. Further to this, prioritization of performance goals for data analysis is crucial to derive at usable data that drives decisions and affects the bottom line. In order to decode inherent flaws and foster innovation, artificial Intelligence, traditional statistical approaches, and novel Big Data algorithms will create unprecedented possibilities for strategic decisions making.
- Big Data technologies will enable invaluable retrospection of manufacturing data in terms of accurately estimating demand and production data (minimizing waste), monitoring performance (better yield) and enhancing customer service experience.
- Manufacturing industries will also experience better supplier relations as a result of intervention through Big Data technologies. Companies will be able to get greater insight into quality offered by their suppliers and make relevant predictions.
- Enabling sensor technology and implementing an Internet of Things will open up new vistas of visibility in Operations, targeting workflow directly for achieving maximum quality and performance.
- Quality management data will become more accessible than ever and coupled with compliance parameters will come to the forefront in strategic decision making. This will send out ripples across the corporation, driving process flows towards profitability.
- Manufacturing companies will be able to seamlessly enable data exchange across departments. Production data on a daily basis could be mapped to financial benchmarks offering real-time trends for financial planners and scalability data for operations managers. This data mapping will allow faster decision making towards surpassing greater sales targets.
According to McKinsey findings, makers of biopharmaceutical and chemical products and discrete manufacturing industries are going to be the most profoundly transformed in terms of achieving better quality and gaining more control of variables impacting yield.
Overall, the manufacturing industry will achieve high quality standards, higher performance through sensors and data mining and true reliability and sustainability in the coming years.