The world now runs on Big Data. Defined as information sets too large for traditional statistical analysis, Big Data represents a host of insights businesses can apply towards better practices. In manufacturing, this means opportunity.
But what exactly are the opportunities present in big data? That depends on the tools and practices that manufacturing companies integrate into their production line. With everything from wearables to Internet of Things (IoT) sensors, the manufacturing process can be more productive than ever.
Here, we examine the Big Data opportunity in manufacturing and how businesses can integrate this opportunity to maximize their own potential. Start by understanding the role data can play in production, then consider these tips for greater transparency and efficiency.
The Role of Big Data in Manufacturing
Big Data is key to industrial efficiency. Businesses are increasingly recognizing this with their integration of analytics and information systems, a transformation that creates jobs and improves revenues over time. These benefits have been impactful enough to spread data applications throughout the manufacturing industry to the point that it now accounts for 18% of Big Data jobs within the U.S.
That said, the role of Big Data in manufacturing is broad and multifaceted. Here are just a few of the applications this data is essential to:
- Predictive maintenance of machinery and equipment
- Supply chain management
- Computer vision for observing and responding to human behavior
- Anomaly detection in quality assurance
In short, Big Data is there wherever manufacturers require greater transparency and reactivity from their systems. Big Data represents insights that would be otherwise impossible through traditional statistical analysis. IoT devices like sensors and monitors transfer this information in real-time to manufacturers, who can then apply artificial intelligence in their analysis of that data.
The results are infrastructures of awareness with unprecedented oversight of supplier conditions, inventory, demand, and equipment performance. From here, opportunities abound for streamlining manufacturing through Big Data.
Opportunities for Big Data in Manufacturing
The level to which you can elevate the manufacturing process depends on how much awareness and control you have over all your systems. That’s what Big Data is all about. By integrating data into your workflow, you’ll be able to react to market changes and innovate with greater success.
Opportunities for Big Data can typically be categorized into three primary functions. Professionals in data analytics, as well as manufacturing business leaders, should consider the value of these functions as they relate to business success and scalability.
Manufacturing is a complex industry. From suppliers to equipment maintenance, there are many variables to consider in operating a successful manufacturing business. Fortunately, Big Data presents an unprecedented opportunity for business leaders to evaluate and improve their operations.
That’s because Big Data analytics equates to a window into your processes, from which you can even predict and prevent equipment failures and downtime. One report estimates that widespread adoption of Big Data in predictive maintenance might cut health, safety, and quality risks by as much as 14%. This is possible through the minute details that only Big Data processes can evaluate successfully.
Additionally, Big Data creates opportunities through productivity enhancements. This starts with data tracking, which allows manufacturers to evaluate their objectives and key results (OKRs) with ease and transparency. From here, targeted actions can be taken to streamline manufacturing effectiveness.
For instance, Big Data has been exceptionally valuable when it comes to enhancing the production of biopharmaceuticals like vaccines. With the desperate need to reach herd immunity with COVID-19, big data analytics has come into play, offering manufacturers data needed to enhance productivity without increasing expenses.
Building Smarter Supply Chains
Supply chains are one of the most essential aspects of manufacturing. Without timely deliveries of both raw materials and finished products, we experience delays and challenges in our ability to manage global business. Fortunately, Big Data makes the process easier.
That’s why companies like Domino Printing Services have adopted Big Data into their overall supply chain management. Domino collated information across various sources to create a comprehensive picture of their operations. From here, they share reports with suppliers to ensure a network of transparent communication.
By sharing insights across supply chains through Big Data, businesses can better prepare themselves against all economic conditions. Amid pandemic uncertainty, little will be more valuable to manufacturers than this.
Data opens the door to all kinds of cost savings, productivity, and supply chain benefits. Embrace these benefits for a streamlined operation.
Building a Streamlined, Transparent Business
In manufacturing, Big Data is crucial when building a streamlined and transparent business. Manufacturers require constant awareness of inventory and equipment conditions as well as supplier availability if they are to prevent potential issues. Fortunately, Big Data provides exactly this, but there are limits to what it can do.
Big Data represents innumerable opportunities for those in the manufacturing industry through its potential to revolutionize transparency, enhance productivity, and build smarter supply chains. However, you’ll still need human insight when it comes to implementing data for maximum success. Examine your opportunities and develop an integration plan to improve your manufacturing process with Big Data. As a result, you can expand your potential in the global economy.