Think Big Data is only used in business and marketing management? Think again.
The number of manufacturing companies using Big Data analysis is growing significantly, as the benefits of the approach are becoming much more apparent. Big Data analytics can be used to anticipate and calculate the outcome of various internal practices, allowing companies to tackle any production, management or distribution issues they have.
Discover three of the ways that manufacturing companies are using big data below.
1. Preventing defects
Equipment failure is a huge sap on resources to any manufacturing specialist on the planet. The resulting faulty products and depleted productivity can cause significant losses of both time and money to any organization.
Spotting any technical problems with machinery prevents the need for repairs and improves the amount of quality assured products coming from the production line.
Companies that use Big Data solutions can incorporate sensor data from the production line and use it to spot and solve any problems before they get too serious. Working out where a problem is occurring or anticipating when it may happen again can lead to successful preventative measures. This, in turn, helps a manufacturer improve both financial performance and time management.
2. Anticipating capacity
Understanding levels of production as well as logistic and labor capabilities can allow manufacturers to better understand their capacity levels, often leading to a rise in production and soar in profits. Analyzing a variety of internal and external factors, including pace of manufacturing and distribution, product seasonality and product popularity can influence whether an increase or decrease in level of distribution would be most appropriate to increase profits.
Companies that use Big Data in this way can dramatically affect the success of their production activity. Small pieces of data regarding the manufacturing, supply chain and product popularity can all form an accurate display of consumer desire and capacity, providing answers to the best direction for future production.
3. Tracking finances
From a top level perspective, the ability to analyze finances is very important. Companies that use Big Data analytics to form a clear understanding of their finances all the way to ground level leave room for an in depth analysis on all of their finances. Using Big Data to track all current costs, from utility bills to employee salaries, can form an expenditure forecast that can help budget for the months or year ahead. Being able to use reliable data like this can be hugely efficient for making accurate projections.
Companies that use Big Data solutions are already benefiting from its wide variety of uses within manufacturing, and Big Data isn’t limited to the three areas above. It can be employed within all areas of manufacturing, including logistics, pricing and management to make accurate projections and help make successful business decisions.
Do you use Big Data in your manufacturing company? Feel free to share or leave any comments you have that you think may be helpful in the comments section below.