Advanced Analytics

How Companies Benefit from Manufacturing Data Analytics

Data-driven transformations in the manufacturing sector are imminent. Using data and analytics applications, companies drive productivity, create new customer experiences, reduce environmental impact, and improve society. There are several problems afflicting the global manufacturing industry including climate change, supply chain disruptions, and international conflicts. However, the innovative use of this data could stabilize the industry globally. This World Economic Forum article clarifies the critical function of manufacturing data in its transformation.

Manufacturing Data Analytics is the Future

With manufacturing being the most data-intensive industry on the planet, companies are now able to increase shop floor productivity by embracing analytics and BI systems. Moreover, hyperconnected value networks increase value through a variety of data and analytics applications such as predictive maintenance, advanced robotics, and tracking and tracing in supply networks. Data analytics can help you identify patterns, provide practical insights, leverage predictive analytics, and enable a self-optimizing system. Additionally, you can utilize advanced analytics on historic data to forecast future events so that company stakeholders can take appropriate action.

Benefits of a Data Excellence Framework

A data excellence framework has been created by the forum and its community to hasten the creation of globally integrated manufacturing data ecosystems. The framework aids your business in gaining new skills, forming new alliances, and assessing the readiness of its data-driven applications. Additionally, it allows you to gauge the success of implementing the necessary technology and organizational enablers to generate value from data at the corporate, supply chain, and ecosystem levels.

The author discusses the perspectives of several forum participants on how they overcame the manufacturing challenges digitally. They also share how using the data excellence framework and involvement in the community benefits your business.

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