“Manufacturers have a huge opportunity to benefit from data-based insights. Those that are able to analyze and leverage data will be able to make better decisions that propel their organizations to success in a highly competitive climate.”
According to a recent manufacturing technology survey, the use of analytics and data is expected to grow over the next five years. As the capabilities of advanced technologies continues to advance, manufacturers will be able to connect and integrate all pieces of their business: from materials planning and logistics to shop floor output and training. With this comes excessive amounts of data, and simply hoarding all of it is not only ineffective, it is extremely expensive. Manufacturers need to understand what value they can derive from their data that will provide actionable insights for better decisions.