Top 3 Benefits of Manufacturing Analytics for Manufacturing Companies
Globally, the manufacturing industry has been subjected to a plethora of changes due to which manufacturing companies have started squeezing every asset for maximum value. One of the most common themes gaining traction in the manufacturing industry is the value that statistical processing brings to the overall manufacturing process. This process of statistical data processing is often referred to as manufacturing analytics. In our experience, a common belief among system integrators and end users is the fact that the ability to assess manufacturing data with complex algorithms has the potential to provide competitive advantage through increased efficiency and reduced dependency on staff experience.
The process of gathering data had started years back in regulated industries like pharmaceutical and healthcare and others soon followed suit. The trend of adopting manufacturing analytics is fueled by the idea that knowing what happens in the manufacturing process, can help manufacturing companies to diagnose and troubleshoot problems. Initially, manufacturing analytics was only used to study macroeconomics and demographics. But now, it is being used to identify patterns and correlations between unstructured data sets.
Here are some of the advantages of using manufacturing analytics for manufacturing companies:
Correlate data related to different process variables
While analyzing an unstructured data set, you may think that the data is not related to each other. However, with the help of advanced IT tools, data scientists can discover hidden correlations between different data sets. The information gathered is an integral part of the overall manufacturing analytics process since it can be leveraged for accurate and effective production management.
Better control manufacturing processes
Once a common pattern is established between the data sets, manufacturing analytics tools that were used to identify the pattern can now be utilized in real-time for process control purposes. Using effective manufacturing analytics tools can help manufacturing companies to improve both production efficiency and product quality. Since early detection gives the scope for timely action, manufacturing companies can avoid instances of plant downtime and boost efficiency.
Leverage personal knowledge
When we say, “leverage personal knowledge”, some of you might think how is that even relevant for manufacturing processes as the entire production cycle follows a preset model. However, with the help of manufacturing analytics, companies can gain a measurable representation of what the staff already knows from experience. Being able to formally represent such insights, will help manufacturing companies to reduce the impact of risks related to staff turnover. With the aid of manufacturing analytics, companies can effectively transform the insights gained from personal experience and leverage it to control processes independently.
Though we’ve spoken at length about the numerous benefits of manufacturing analytics, a key thing to note here is that manufacturing companies must invest heavily in technologies such as hardware systems and software suites. And that’s not all, companies must also invest in new people who can either be a part of the existing structure or external system integrators.