Increasing competition, pandemic-related disruptions, and the growing talent shortage are exerting pressure on the manufacturing industry. With these recent events and the changing business landscape, manufacturers are embracing merging technology to remain competitive. Today, many advanced manufacturing companies are implementing new technologies, such as artificial intelligence (AI), the Internet of Things (IoT), data analytics, and business intelligence (BI), to drive business growth and profitability. So, why do organizations require manufacturing BI tools? What features should they include? In this article at TechTarget, Ryan Williamson explains the application and benefits of business intelligence in the manufacturing industry.
What Are the Benefits of Manufacturing BI?
Often manufacturers pay great attention to equipment maintenance and training programs. However, they frequently fail to apply the same dedication to manufacturing BI processes. This lack of commitment to assessing data can lead to production delays and cost overruns. Understanding the specific uses of business intelligence tools will lead to many tangible benefits.
Supply Chain Visibility
When the pandemic hit the world, groceries and other essential commodities faced out-of-stock situations. With manufacturing BI and data modernization, chief information officers (CIOs) can establish end-to-end supply chain visibility. Additionally, data allows business leaders to prioritize customers, suppliers, and partners while eliminating data silos.
Operational Efficiency Through Manufacturing BI
Tracking machine and department performance allows managers to reduce errors during the production cycle. Business intelligence increases manufacturers’ ability to meet just-in-time demands.
Productivity Management
“BI automates almost all reporting processes using big data leading to a reduction in time, effort & costs, thereby increasing productivity. BI can also be used for predictive and prescriptive analysis,” says Williamson. Predictive analytics allows manufacturers to foresee and avoid potential production bottlenecks and assure ongoing productivity.
Finance Management
Manufacturing BI proves immensely valuable for managing organizations’ finances. It can perform various types of analysis, such as profit and loss, cost-benefit, and raw materials usage. This will help leaders monitor the relevant financial information to develop accurate budgets and identify areas where costs can be reduced. To read the original article, click on https://www.datasciencecentral.com/application-and-benefits-of-business-intelligence-in-manufacturing/.
