Did you know that during the forecast period, the global big data analytics size in the manufacturing industry is expected to reach USD 9.11 billion by 2026? This started from USD 3.22 billion in 2018, so you can guess where things are going. Is data analytics the next frontier for manufacturing? Let’s find out.
The Growing Significance Of Big Data Analytics In Manufacturing
McKinsey, a global management consulting firm, is of the opinion that a 7% increase in efficiency can be obtained if only data accessibility were increased by 10%. Through big data analytics, manufacturers can collect data from various sources like production lines, machines etc. This data can be analyzed to give manufacturers an insight into defects early by identifying patterns and predicting outcomes.
Benefits Of Big Data Analytics In Modern Manufacturing
Incorporating data analytics in the manufacturing industry can help businesses:
1. Saving Money By Better Energy Utilization
Energy contributes a major portion of expenses in the manufacturing industry. With the use of data analytics, a manufacturer can ensure that high-energy operations run at off-peak hours so that energy costs can be managed. Businesses can make use of data analytics to find out when to run which operations keeping in mind energy utilization.
2. Enhance Productivity
Immediate identification of bottlenecks can help a manufacturer make immediate adjustments to optimize productivity. From procurement to distribution, you can keep track of every step and allocate your resources more effectively to minimize stock outs along with streamlining logistics.
3. Real-Time Monitoring
Real-time monitoring of data from sources like sensors, machines, etc., will help a manufacturer gain insights into operational performance. You know right when and where your stock is running out or a process is hindered due to any reason so you can make timely amends.
4. Quality Control
Other than resource allocation and preventing stock outs, data analytics can help you analyze historical data, gather insights about market trends, identify customer demand patterns, and so much more which can ultimately help you in quality control. You can use this information to optimize your production schedules accordingly so that everything is ready on time.
Industry 4.0 And Data-Driven Transformation
Industry 4.0, or the 4th industrial revolution, incorporates the use of advanced data-driven technologies to transform the traditional manufacturing process. Manufacturers are now leveraging the power of data analytics and digitalization to improve the efficiency, productivity, and competitiveness of their manufacturing businesses. Connected systems and IoT, data integration and interoperability, smart factories and digital twins are a few ways data-driven transformation and industry 4.0 intersect.
Why Choose Rogue Logics As Your Big Data Analytics Partner?
At Rogue Logics, our team of experts gives their very best to formulate a big data analytics plan that best suits your business. Even businesses in the same industry don’t have the same needs due to multiple reasons, and so we’ll provide you with a system that focuses more on your business’s needs than wants. Plus, with a service that’s available round the clock, you can rely on us whenever, wherever.
Take Home Message
With so many advancements in the industrial revolution, the physical world is progressing better now that we can get help from the digital world. Manufacturers can keep track, fix issues even before they occur, cut down expenses, and even generate more profit now, thanks to data analytics. So, make sure to have a reliable data analytics team by your side if you want to enjoy the worth of the aforementioned plus points.