NEW YORK – We are at the beginning of what is alternately known as the 4thIndustrial Revolution or Manufacturing 2.0. Both terms refer to the integration of traditional manufacturing with internet-connected, data-driven technologies. The list of those technologies is long, but business intelligence (BI) is close to the top.
Basic BI has existed in office environments for years now. As BI has advanced and evolved, however, it’s increasingly being applied to manufacturing of all types. BI is about turning data into insights and details into strategies. For something as complex and interconnected as manufacturing, it’s a natural fit.
So, what are the specific benefits of using BI in manufacturing? Here are some examples that illustrate how data is transforming the way we produce everything:
Gain Insight into the Supply Chain
Every manufacturer is at the mercy of their supply chain. Problems can shut down production, but improvements can create a competitive advantage. BI takes the vast amount of data created by a supply chain and turns it into ideas and guidance. It becomes possible to manage and monitor a complex system while consistently making improvements.
Stay Focused on Key Performance Indicators
Manufacturing is uniquely reducible to a set of key performance indicators KPIs. Processes can be tracked precisely, revealing when production is doing better or worse. The only problem is that collecting, organizing, and then analyzing the data takes a huge amount of work. BI does all that automatically so that manufacturers can understand performance accurately, not just guess or infer.
Discover Opportunities for Efficiency & Productivity
Success in manufacturing is often defined by doing the same thing as the competition, just better. Manufacturers are constantly looking for ways to speed things up, shave off costs, or raise output upwards. These opportunities are a lot more apparent with the aid of manufacturing business intelligence tools from companies like ThoughtSpot. Innovations and improvements that would have been lost in the data are highlighted instead – thus providing more power to manufacturers.
Learn More About Customers & Suppliers
Manufacturers need to have an excellent relationship with both customers and suppliers. Otherwise, issues, obstacles, and revenue problems are almost inevitable. BI is the ideal tool for learning more about the stakeholders’ manufacturers depend on the most. Over time they can renegotiate relationships with suppliers or identify better alternatives. They can also cultivate more sustainable and lucrative relationships with customers.
Manage with a 360-Degree Perspective
Since manufacturing is a complex, interconnected process, every area needs to focus on at once. But, for the very same reasons, that is incredibly difficult to do, even with a lot of qualified staff. BI makes it possible to condense an ocean of details into actionable steps and informative insights. In practice, it helps decision makers keep everything important top of mind.
Act with Certainty
The rise of the 4thindustrial revolution is exciting, but also anxiety-inducing. Anytime an industry goes through a radical transformation, lots of companies are left behind. It’s clear that every manufacturer will need to transform and adapt to a high-tech future. That means making a lot of big decisions, new investments, and long-term plans. BI makes every decision easier and more confident by backing ideas up with data. As manufacturers begin to plan the future of their business, being able to draw on data will be a huge asset.
The benefits of BI in manufacturing aren’t just anecdotal, they hit right at the bottom line. BI is a subset of artificial intelligence, which PwC estimateswill grow the global GDP by 14 percent by 2030. That means an additional $15.7 trillion in the global economy. Manufacturers stand to reap a huge reward, just as long as they begin adapting now.