IoT and Big Data Can Give Manufacturers an Edge
Manufacturers that want to set themselves apart need to learn how to make the most of the vast amount of data that is now available. As consumers continue to demand lower prices, manufacturers are running out of places to cut costs. One way to gain or maintain an edge in today’s business environment is by getting data in order. This can bring about a number of benefits, including boosting productivity, enhancing operational efficiencies, and increasing yield improvements.
Manufacturers need access to data that is not only timely but also reliable. In many cases, manufacturing data is siloed off away from that of other processes. This means they are missing out on a great chance to improve productivity, drive innovation, and cut costs.
Keeping the Future in Mind
According to analysts, manufacturers that develop their IoT and big data capabilities can create more future-proof factories, bring customers new points of value, and note more consistent outputs. New methods are needed to increase quality and margin and respond to variability, and the IoT is a great way to help find the right balance between maintenance and improvement.
For some companies, a data architecture overhaul may be in order. After all, a data management system that is set up to easily accommodate new technology and applications is a good way to prepare for what the future will bring.
When they connect data, manufacturers will be able to uncover the associations between their data and predictive variables. It’s important to keep in mind that data is meaningless if it has not been contextualized before it is either analyzed or put into action. Taking this step can help to solve a number of vexing manufacturing problems. When data from products, customers and suppliers is gathered and then integrated in the cloud, the possibilities are endless.