Manufacturing Analytics Can Boost Factory Performance 02

If we were to pause for a second and look around our factories and warehouses, we would be surprised to see how much has changed. Manufacturing productivity is increasing, and we need fewer workers for the same results- hence marking an undeniable factory performance improvement. A CB Insights report also reckons manufacturing value added has remained at around 16% of global GDP, even with decreasing employment.

 

When some top CEOs were asked in the KPMG International survey about the impact of the pandemic on their organizations in 3 years, most answers dovetailed around resilience. 

  • About 68% talked about ensuring their supply chain is resilient in the event of a global lockdown.
  • 35% are monitoring deeper into the supply chain (i.e., tiers 3 and 4) to anticipate potential problems better.
  • 22% are onshoring more inputs in the supply chain for production optimization, production, and/or operational resiliency.
  • 48% said they are under pressure from stakeholders, especially investors, to increase the transparency of their environmental, social, and governance (ESG) efforts. But 43% struggle to articulate a compelling ESG story – even when 31% agree that focusing on ESG improves financial performance.
  • No wonder 55% say they are investing in new technology.

Data: The new oil for factories

Looking closely at these changes and trends, you will notice how each move leans heavily on manufacturing analytics and data-driven manufacturing. Deloitte’s 2023 outlook noted how the industry was experiencing concerns like inflation, economic uncertainty, supply chain issues, sourcing bottlenecks, global logistics backlogs, cost pressures, cyberattacks, etc. Again, fixing these parts would not be possible unless companies had the right data in their hands- and at the click of a finger.

 

That explains why companies with higher digital maturity have shown greater resilience, like those that accelerated digitalization during the pandemic. 72% of executives in this outlook pinned down the persistent shortage of critical materials and the ongoing supply chain disruptions as the most significant uncertainty for the industry, even in the coming year. One needs a strong lamp of precise, proximate, and punctual data to fight this fog. And that’s not possible without manufacturing analytics.

 

As per the World Manufacturing Foundation’s ‘The World Manufacturing Report,’ there is a deep stress on sustainability in manufacturing enterprises, and this, again, needs access to good, clean, and immediate data for all requisite reporting and compliance.

Enter the tool that can bring this data—in the exact form, quality, and timing—to achieve all the above goals. A revolution called – ‘Manufacturing Analytics.’

 

Changing oil into fuel: Manufacturing analytics

Put simply, data-driven outcomes rely on processes and data flows to make error-free decisions. Manufacturing analytics ensures that data is collected from multiple sensors spanning the entire gamut of a manufacturing cycle- from sensors to edge computers to small machines. Manufacturing analytics also ensures that this data is presented in real-time and in a simple format to decision-makers. This is done through well-mapped data architecture, scalable and robust data platforms, advanced data storage, smart dashboards, sleek data visualization, well-aligned data sets, smart data interpretation capabilities, AI fabric for algorithm-friendly data, and tools for SCADA and supply-chain elements.

 

Once manufacturing analytics comes into play, an enterprise can immediately (and proactively) witness all green and red flag areas. It translates into production optimization, demand forecasting, defect detection, and production optimization. With this in place, an enterprise can finally grasp descriptive, diagnostic, predictive, and prescriptive analytics. 

 

Challenges and considerations

The marvel of data-driven manufacturing can only work when robust internal digital data infrastructure and management exist. Not a spaghetti plate of different services and platforms, legacy systems, with scattered individual, dedicated applications. Clear and solid data exchange policies and protocols should be supported with an integrated, secure, and transparent digital infrastructure. While manufacturing analytics can empower decision-makers, this tool can also arm the wrong kind of people if security, data quality, and privacy precautions are not taken. All this cannot happen without the right skills and a healthy approach to change management.

 

Carvewing can ease a lot of these worries. It offers a complete bundle of solutions to enterprises that are looking to equip themselves with the advantage of manufacturing analytics:

The future  

As AI, blockchain, and new supply chain tools evolve in their capacity and integration with manufacturing – manufacturing analytics will get even sharper, faster, and more spot-on than ever before. As per KPMG Global Manufacturing Prospects 2022, 70% of CEOs said their companies are disrupting their industry rather than waiting to be disrupted, and 70% saw technological disruption as more of an opportunity than a threat.

 

As these paradigm shifts dot the industry and push it towards visceral automation and digitization, you should be able to walk smartly on these emerging dots. It’s time to use the power of data-driven manufacturing and leverage manufacturing analytics for a powerful edge. Connect the dots—with the pencil of data. Write a new future of clarity, control, and confidence.

 

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