How Big Data Is Altering The Manufacturing Landscape
High-tech manufacturers use Big Data to design and test new products, optimize research and development, improve yields and maximize their ROI. Honeywell recently published a new study titled ‘Data’s Big Impact on Manufacturing: A Study of Executive Opinions’, which shows that Big Dats is increasingly becoming important in the manufacturing sector.
Information from the statistics reveal that, 68% manufacturers are currently investing in data analytics, 46% of them also agree that implementing and using data analytics is no longer just an option. The reason which comes across as the most prominent for using data analytics by these manufacturers, is the improvement of operational performance, and gain better business intelligence on area and methods where they can excel.
This survey conducted by Honeywell Process Solutions and KRC Research in May this year, effectively put out the message that big data analytics is becoming a necessity, and that every manufacturing concern needs to be investing in it starting in the near future. Hopefully, 68% of them are already doing and plan to increase their investments in the area.
Also, with Internet of Things (IoT) coming up as a big market worldwide, it was not a total surprise that it had promise for the industrial sector as well, as 32% executives saw potential for big data analytics and Industrial Internet of Things (IIoT) as avenues for improving their supply chain performance, and increasing revenue. In fact, if there are any parallel’s to be drawn, Gartner’s study on ‘Organizing Big Data Through Better Process and Governance’ reveals a plan and outlined process for planning and implementing big data initiatives.
Though not an exact parallel, but big data’s role in the IoT space is indeed crucial, as outlined by Gartner’s insights into ‘Best Practices in Exploring and Understanding the Full Scope of IoT Solutions’, which is similar to perspective the Honeywell study established from executive feedback on Industrial Internet of Things (IIoT).
Summary of the major findings of the study include:
- The majority of manufacturing executives interviewed (68%) see analytics as a must-have to improve revenue, strengthen competitive advantage and streamline their businesses.
- Using Industrial Internet of Things (IIoT) technologies and solutions to capture equipment data, combined with big data analytics to interpret data sets can reduce equipment breakdowns (26%) and alleviate unscheduled downtime (23%).
- Gaining greater insights and creating more valuable manufacturing intelligence leading to well-informed decisions in real-time (63%), optimizing operating costs by reducing wasted resources (57%), and predicting the risks of downtime (56%) are the top three benefits big data is delivering to manufacturers.
- Enabling real-time decisions and avoiding unplanned downtime, and improving supply chain performance (both 32%) are the two areas where big data analytics can have the greatest impact on manufacturing.
- Manufacturing executives now see analytics as integral to their current and future strategies and are confident their teams are going in the right direction.
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