Tag Archives: modern manufacturing
“All too often, companies execute a data management strategy without understanding how it fits into the overall business strategy.”
Data alone has the power to make or break a company, depending on how it’s used. The manufacturing industry is changing with evolving technology and businesses are relying on their data to stay competitive. With increasing demands to simultaneously reduce time-to-market and keep up with suppliers, distributors, and end users, manufacturers often find that their mismanaged data is working against them. Most, if not all, of these challenges stem from leveraging the wrong system, or one that is unable to access, interpret, combine and present data so it can be used effectively to drive positive business outcomes.
Technology is advancing faster than ever before and it is completely changing the manufacturing industry. To maintain continuous growth, today’s manufacturers are hyper-focused on three key mandates: Improve utilization rates of expensive fixed assets that are below optimal capacity, fill the current and increasing void of specialized labor, and protect operating profit. Advanced technologies are helping traditional manufacturers meet these goals by providing actionable insights into their business so they can make better decisions. Until recently, hardware components such as sensors were expensive and had unclear ROI. Data was siloed, and no solution to scale insight was available. With cutting-edge integrated technologies, manufacturers can enjoy a significant competitive advantage by leveraging insights that are unmatched by any ERP or legacy system.
“The velocity of technology advancement, especially for the manufacturing industry, is exponential.”
Exponential technologies provide the scalability that modern businesses often lack with their legacy technologies and outdated practices. Industrial manufacturers are focusing on these technologies as a foundational approach to innovation across both products and processes. In this era of rapidly accelerating transformation, organizations of all types must develop the ability to innovate rapidly, or get left behind by the competition. Today’s manufacturing is focused on technology-driven innovation that enables businesses to build new capabilities and develop new products and services. Exponential technologies have the capability to optimize processes and controls across production and operations, providing manufacturers with a major advantage.
Modern Manufacturers Are Standardizing Their Processes for a Single Version of the Truth in Real Time
Even in today’s business climate of digital transformation and advanced analytics, it is very possible that spreadsheets remain the number one manufacturing execution systems in the world. Unfortunately, manufacturers who are still relaying on spreadsheets for business insights will soon be beat out by those who are going after tools that provide a single version of the truth while enabling predictive and strategic decision making.
Continental, a large automotive components manufacturer, is a serving as a test case for digital transformation in their air-spring business unit. Before they began the transformation, they relied heavily on manual processes and spreadsheets with no real-time global visibility into their manufacturing. By standardizing their manufacturing processes, Continental now works from a single version of the truth that provides the insight to visualize their business in real-time.
Today’s manufacturers have more quality data at their fingertips than ever before. Companies are now leveraging tools to collect extensive amounts of data about their production processes—across multiple lines and sites, around the clock. Real-time data quality is key to plant-floor operators because it enables them to spot manufacturing issues and inconsistencies before they magnify, make timely corrections, and determine where to focus process improvement efforts at the plant and enterprise levels. To effectively sift through the amount of data coming from the modern plant floor and find real, valuable quality intelligence, there are essential pillars that manufacturers first need to have in place: standardization, centralized data, and prioritization.