Manufacturers have considered connecting their assets in recent years, as the cost of doing so for new machines has decreased substantially over the past decade. Concepts like the Internet of Things (IoT) or Industrie 4.0 have risen in manufacturer’s agendas. At the heart of it, surviving means being able to manage this new world of connectivity and adapting your business to smarter, more data-driven decision making.
Becoming Data-Driven is Essential to Success
Companies are starting to recognize that the vast amounts of data generated from products and operations can be turned into insight and then turned into a competitive advantage. This new approach to manufacturing can have a significant impact on performance by changing how factories operate. Industrial devices and assets that are connected can intelligently communicate their state, condition, or health so that service can be performed to respond to these communications.
It takes more than connectivity and breaking down data barriers to succeed, however. That is why successful companies take it a step further and provide their employees the tools they need to turn that data into actionable intelligence.
Tools for Effective Decision Making
These applications summarize data from multiple business units and enable organizations to plan out their maintenance (workers and/or spare parts) more efficiently and even predict downtime before it occurs. Once a company has standardized the way information is collected, the next piece is wrapping intelligence around the information with the use of analytics, which is explored in the full report.
The factory of the future is going to be smart and connected. You, as a manufacturer, must become data-driven to fully take advantage of this new opportunity.