The manufacturing industry is always evolving. The industry itself is a product of the evolution from handmade to machine-made goods, so it makes sense that it’s always at the cutting edge of technology. However, there’s one element of computer science that many manufacturers have been reluctant to adopt, and that’s the use of data analytics.
Indeed, every company generates and collects data, but analytics is about what you do with the data. In this article, we’ll tell you why the manufacturing industry should embrace data analytics.
Data analytics can make business processes more efficient
In business-to-customer enterprises, the customer experience is everything. However, when you’re a business-to-business service provider, efficiency is the most important thing. With a robust analytics platform, you can find insights to make your business processes more efficient.
TIBCO data analytics software comes with a data virtualization tool that enables business users to perform a myriad of analytics processes. Furthermore, they can see all their insights from various data sources in a single view on a centralized dashboard. Having all your data in one place makes access quicker and easier, enabling your company to act quicker on business intelligence and gain a competitive edge.
You can use diagnostic analytics to find flaws in business processes, and you can use prescriptive analytics to find ways to mitigate those flaws. TIBCO data analytics tools prioritize ease of use, making them suitable for nearly anyone, from data scientists and students in data science programs to business users.
It can maximize supply chain management
Another way a data analytics platform could help the manufacturing industry is in the area of supply chain management. Atlas Tool Works can provide great value to their customers because they use data analytics for production scheduling and supply chain and inventory management.
They use data mining to search the country for the best prices on supplies. They also use predictive analytics to forecast demand changes and plan their production accordingly. Indeed, big data enables companies to make predictions about what will happen with demand in consumer markets.
Predictive analytics enables preventive maintenance
Predictive analytics is an exciting field in the discipline of analytics. You read in the previous section how you can use it to make predictions about product demand, but that’s merely the tip of the iceberg.
One of the most common uses for predictive analytics in the manufacturing industry is to provide preventive maintenance on machinery. As you know, equipment failures can sideline production for days (and even weeks). One of the things that makes predictive analytics such a valuable business intelligence tool is that manufacturers can use it to get insight into the performance and condition of equipment, enabling them to see and prevent equipment failures.
Data isn’t as hard as you think
TIBCO Spotfire is one of the best analytics tools on the market. It understands both Python and SQL coding languages, and data analysts love its data visualization function. Many business users worry about being able to understand the data, but you don’t have to be an analyst to use TIBCO Spotfire. Its data visualization function enables business users and data analysts to create graphs and other visuals to make data analysis more palatable.
Data is everywhere, and it’s up to you how to use it. However, if you want to gain a competitive advantage and get to the top of the manufacturing industry, you need big data analytics. Indeed, big data is the wave of the future and right now.
One of the main benefits of using data analytics in manufacturing is that it can help you to make business processes more efficient. Furthermore, with data integration, you can get more and better insights from your business analytics. You can even use analytics to cut costs in your supply chain and forecast demand, enabling you to plan your production and inventory. There are no limits to what your company can do with the right business intelligence platform and analytics tools.