The Big Benefits of Big Data Analytics in Manufacturing Companies

Every action generates data; emails, texts, calls, browsing history, buying preferences, social media feed, and so on.

Just like Newton’s third law of motion- ‘Every action generates an equal and opposite reaction’; in the realm of technology, this reaction results in data. Before big data came into existence, all this data generated by organizations was considered rubbish, not given the heed and attention it deserved. However, today, leveraging big data analytics services is imperative for businesses, rendering solutions to the long-standing business challenges around the world.

Big data truly is a transformative tool for manufacturing companies, including the likes of aerospace, defence, auto, heavy equipment, electronics, oil and gas, and other organizations that produce consumer and capital goods. Many industrial employees are being encouraged to enroll themselves in any industry-based Big Data Course so as to gain a better understanding of its approaches, tools, and applications.

Industrial manufacturers capitalize on big data technologies, optimizing data from several sources, addressing their business needs, using this data to solve issues, improve product and services, and enhance the sales numbers.

What is Big Data in Manufacturing?

Big data analytics in the manufacturing industry involves using relatable software to derive deep insights into the data generated, therefore, overseeing a bigger picture of how a factory floor is running. The different software solutions used include ERP, MES, CMMS, manufacturing analytics, etc.

Without a second doubt, big data generates a lot of data. Without analysis, the data doesn’t make any sense. So, if manufacturers want to add meaning to this data and receive benefits from it, data visualization becomes imperative. The process of analysing information to make it meaningful and valuable is why big data holds an immense reputation.

With big data analytics services, companies can:

  • Improve the manufacturing process
  • Customizing and personalizing product design for each customer
  • Ensure proper and better quality of the product
  • Manage and improvise the supply chain
  • Evaluate potential risks in the manufacturing process
  • Predict machine issues and problems beforehand

How humongous important is big data in the manufacturing industry?

Big data analytics has taken several industrial domains by the storm, including manufacturing companies. Unlike previously, manufacturers are using the vast amount of data generated to optimize their overall operations.

But first, let’s answer some basic questions.

What value does big data add to an organization’s operations?

What is the added USP of data analysis?

And, how does big data analytics enable smarter management for manufacturing companies?

It’s simple! Irrespective of whether it is a departmental store or a large-scale supply chain or procurement company, big data analytics can help everyone. Using this new-age technology, manufacturers can identify the buying and selling patterns, consider the dependencies within your system, and help make the right business decisions by optimizing the whole process.

As per reports, the global big data analytics in the manufacturing industry was prized at USD 904.65 million in 2019 and is expected to achieve USD 4.55 billion by 2025, at a CAGR (cumulative average growth rate) of 30.9%, during the forecast period, 2020-2025.

The key market drivers of this industry are the high rate of adoption of sensors and connected devices, the massive data generated, and the inclination towards a customer-oriented market. As the industrial arcade realizes the importance of big data analytics and the benefit of data-driven decisions, data generation and visualization will become real-time.

Big data in the manufacturing sector is still a novice technology, and companies are yet to realize its full potential. Its multi-variable tendency amongst several manufacturing verticals presents dynamic efficiency prospects. Furthermore, the manufacturing industry has changed from the traditional value chain setup to an engineered and asset-focused value chain, making big data analytics a competitive tool to leverage an edge over rivals. There is a rapid adoption of big data analytics services, disrupting the likes of the manufacturing market.

Impact of big data on the manufacturing realms

Manufacturing enterprises generate high-load data from different sources – production equipment and systems, customer management systems, and operations. However, using big data analytics services, the collected data is comprehensively evaluated to support the real-time decision-making process.

The following detail how Big Data impacts and revolutionizes the manufacturing world.

Optimized production process:

Product manufacturing has always generated a surmounting amount of data for decades. But previously, this data was undermined and underutilized, resulting in sluggish and inconsequential decisions.

IoT and its improved connectivity enhance machine log data, presenting manufacturers with conclusions worth great potential. Big data analytics companies can process this raw data and analyse it to reveal insights, which can further help in improving their overall performance. In due course of time, it will assist manufacturers produce orders and plan their shipping accordingly, ensuring on-time delivery while resolving issues and disruptions related to storage and mismanaged travel itinerary.

Predict machine downfalls beforehand:

In any manufacturing setting, machine downfalls can happen unannounced, affecting the entire production line. Moreover, scheduling maintenance and getting machines repaired are a tedious process, a costly one too. As per Forbes, big data analytics can reduce machine breakdowns by 26% and unscheduled downtime by 23%. Data analytics can inform about the health of a machine, letting manufacturers research issues and problems beforehand.

Such solutions nullify any machine failures and reduce operational downtimes in assembly lines as well. Knowing when a part of the machine is going to break reduces the sudden critical situations, indulge in continuous machine maintenance, and improves the lifetime of your products.

Improve product quality:

Big data does enhance the overall production process. Since machines can perform multiple tasks simultaneously, empowering the entire process. Big data can help machines do better. With all the accumulated data about a product from customers and insights from product reports, manufacturers can improve the overall production efficiency while keeping the production costs under check.

Big data analytics conducts tests required for quality assurance to cut down the test time, improve production rate, and improve product quality. Giants like Intel have harnessed the power of big data to reduce the manufacturing costs of a single line of core processors.

Big data opens avenues for predictive production, automating the quality testing procedure, saving time, and removing human errors. With big data analytics, you will receive a competitive edge over other companies to succeed in a highly complex environment.

Cost savings:

Big data can lower manufacturing costs by a high margin. The data received reduces the cost of production, packaging, warehousing, and transporting. It helps in cutting the investing costs, in turn, supporting massive savings. All in all, Big Data analytics help manufacturers can improve the overall production operation while keeping an eye on the manufacturing costs.

Big data adds innovation quotient to your processes, providing new opportunities for revenue generation. As per a study by MIT, 68% of the respondents agreed that analytics has helped their company innovate the said operations. Moreover, some manufacturers are using big data analytics to create newer data-driven functions. A good example is the automobile industry, wherein car manufacturers use modern software technologies to better the prospects of connected cars and connected customers.

Improved customer service:

Manufacturers are more concerned with bettering customer service through their products. Therefore, they examine social media, customer service, sales, and marketing data to gauge customer sentiment and respond to them in real-time. Backed by actionable insights received from customer data, a manufacturer can improvise mass production scenarios, offering mass customization with personalized products addressing every customer in the market segment.

Achieve Big Results with Big Data analytics services

Manufacturing is a complex process, more complicated than any other industrial operation. Right from assembly lines to fixing product design, big data adds a modern and ubiquitous outlook to the traditional manufacturing processes. Much of the industrial infrastructure is dependent on the likes of cloud storage, artificial intelligence, big data, and IoT, which is why most of the manufacturing companies are slowly innovating.

Big data and analytical software can help your manufacturing enterprise to unthinkable levels of growth in the coming time. Thanks to the innate power of big data, businesses can script their success stories.

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