The Industrial Revolution changed population demographics and industry. Before the Industrial Revolution, most Europeans lived in rural communities, and agriculture dominated the economy. The Industrial Revolution marked a shift towards manufacturing, and urban populations grew.
Since the Industrial Revolution, new forms of technology have continued to transform industries. Today, Industry 4.0 marks the shift to automation. Cognitive computing, cloud computing, the Internet of Things (IoT), and manufacturing analytics software are all part of Industry 4.0. These systems and programs continue to transform manufacturing processes, increasing efficiency, and improving operations. Let’s look at specific benefits of manufacturing analytics and how this software’s transforming the manufacturing industry.
What Is Manufacturing Analytics Software?
Industry 4.0 emphasizes two features. One’s the transition to automation by incorporating machine learning and artificial intelligence into manufacturing processes. The second feature of Industry 4.0 is data exchange. Data plays a crucial role in business operations today. Data analysts and data scientists use programs to analyze massive amounts of data.
Manufacturing companies use data to determine how to compensate for supply chain issues or respond to global events in real-time. Manufacturing analytics involves gathering data from multiple sources, including supply chain vendors, shipping companies, production departments, and customers. Manufacturing analytics solutions incorporate the benefits of predictive analytics, machine learning, and big data analytics to produce data-driven insights.
How Does This Software Benefit Medical Equipment Manufacturers?
Suppose your manufacturing company produces diagnostic medical equipment. Manufacturing analytics software ensures you’re working with all appropriate data from relevant sources, so you don’t have to worry about overlooking important information. Manufacturing analytics solutions process structured and unstructured data, enabling you to work with real-time data, ensuring you develop business insights based on real-time information. The data analysis could help you determine which types of diagnostic equipment are in demand so you can base your production quotas on the forecast period for the report, ensuring you produce equipment that will sell.
How Does This Software Benefit Computer Companies?
Computer companies produce tablets, laptops, desktop computers, and two-in-one computers. Manufacturing analytics solutions help computer companies address inventory management by determining which computers are most popular and using sales trends and predictive analytics to forecast future demand. The analytics software also helps identify potential procurement issues. Suppose the reports determine there’s a potential shortage of raw materials needed for production. This information could prompt you to stock up on those materials or switch to a different material to avoid unplanned downtime.
How Does This Software Benefit Manufacturing Companies?
Actionable business intelligence enables manufacturers to adjust business operations instead of reacting to issues after they arise. Thanks to manufacturing analytics solutions, manufacturers can anticipate issues with transportation, for example. Forecasting a potential gas price increase prepares manufacturers for higher shipping costs, which affect the cost of materials and delivery, enabling them to adjust prices to avoid losses.
The software can also evaluate product lines and identify inefficiencies in the production process, enabling business leaders to revise operational procedures and improve production schedules. Companies can use the software to determine the cause of the issue. Suppose reports identified issues with production times from a crew working a specific shift each day. You might think the reason for the issues has something to do with the shift time, but the software could determine that everyone working on the slowest shift went through a new training program. This could help determine you could address the problem with retraining rather than reassignment.
Manufacturing analytics solutions can also address issues with machinery. Advanced analytics can be used to implement predictive maintenance, helping you determine when machinery’s most likely to break down and what mechanical issues to expect. You can avoid downtime and increase output by scheduling preventative maintenance that takes less time to complete and is less expensive than the cost of repairs, ensuring your quotas aren’t impacted by equipment failure.
Manufacturing analytics software is a component of Industry 4.0 and plays a crucial role in helping manufacturers transition to automated processes. This software draws information from multiple data sources, ensuring manufacturers have up-to-date real-time information informing their business operations.