Manufacturing is undergoing a shift in operations. The primary challenge to the current status quo is the increase in tariffs on US products. American companies are anticipating a rise in costs for raw materials, which will, in turn, be passed along to consumers. The concern here is losing the customer due to the price increase. How can your company work to reduce the risk associated with the tariffs? Start by evaluating your big data to make data-driven decisions.
Increase in Big Data Adoption
According to Forbes, big data adoption has increased substantially. As of 2017, 53 percent of companies across all industries were utilizing big data in some way. This is up from only 17 percent of these companies using data in 2015. Yet manufacturing has seen an even greater increase in adopting data. Consumer Goods points out 67 percent of manufacturing business leaders in the enterprise sector invested in data analytics back in 2016.
CG also notes that 42 percent of managers are just not sure of the benefits of big data. To identify the benefits for your business, which can include cost savings and streamlined processes, you need to have access to training and technology for data analytics. Using the right data warehousing and dashboard technology, you can identify the areas where big data can improve decision-making.
Sourcing Big Data in Manufacturing Equipment
Data in manufacturing comes from everything that your company does—from every action that is taken to every product that is shipped. For example, data is generated from material sourcing to your inventory. However, you also collect key operational data from energy usage and marketing planning. If you are just starting out in warehousing and lack the ability to gather big data from manufacturing equipment and operational processes, it’s time to make an upgrade there.
The Internet of Things (IoT) is also driving the way manufacturers gain big data. Using the IoT for gathering data analytics allows manufacturers to identify the sources of downtime and lost revenue through process operations. Other uses of big data include predictive maintenance and customer/social demographics analysis. Forbes also notes top picks for technologies and initiatives for using big data are:
- Advanced visualization
- Data warehousing
Business intelligence (BI) dashboards provide a single platform where you access and analyze your company’s big data. This data comes from your data warehouse, which can be optimized once you start accessing this analytical information. This is where advanced visualization of your data comes into play. This data includes key performance indicators (KPIs) and business analytics metrics with measurable data points. Using data to make decisions via these tools and technologies enables your warehouse to stay in the economic game. If you lack access to these technologies, it’s time to upgrade your in-house equipment.
Upgrading Manufacturing Equipment
Contact our office to request financial services for investing in manufacturing equipment to make smarter big data decisions for your manufacturing business today.