How Does Manufacturing Analytics Optimize Processes?
What if you could boost productivity? What if you could improve product quality while reducing waste? The good news is that you can do all this and much more with data analytics.
Data analytics is nothing new. Manufacturers have always collected data about their operations to drive data-driven decisions. However, data analytics today (and manufacturing analytics in particular) is far more advanced and cheaper than ever before. So, just about anyone can quickly gather vast amounts of data and analyze it to optimize processes, operations, and more.
It’s important because manufacturing analytics helps operations teams identify patterns and trends. You can correlate this information between different processes for informed decision-making. For example, manufacturers can now holistically analyze all data from the procurement, production, and distribution processes.
What is Manufacturing Analytics?
Manufacturing analytics is a broad term used to describe a variety of methods used to transform data into valuable insights that can drive desired business outcomes. Often, manufacturing data analytics leads to valuable insights (usually unexpected) to optimize processes and improve your bottom line.
As manufacturers rebound from the Covid-19 pandemic, data analytics will be vital to making accurate demand forecasts, breaking down silos, increasing agility to adapt to the changing marketplace dynamics, and improving supply chain transparency.
You can also optimize critical maintenance functions, quality control protocol, and more by collecting and analyzing machine, operational, and system data. The key benefit here is the opportunity to make better and faster decisions with the help of accurate and real-time data.
Without data, operating inefficiencies can be difficult to detect. Manufacturing analytics helps uncover hidden inefficiencies and bottlenecks by analyzing hundreds of production parameters and applying sophisticated modeling techniques.
In most cases, simple adjustments to production parameters help streamline operations to maximize your output. For example, simply rearranging your plant floor can help eliminate bottlenecks.
You can quickly identify opportunities to boost productivity or yields by analyzing manufacturing data. It’s almost impossible to do this using conventional methods. For example, you can leverage data analytics to measure the relative impact on the yield of various production inputs. As such, data analytics might reveal surprising relationships that you never expected.
You can’t really do much to stop industrial machines and equipment from breaking down. However, you can minimize downtime by leveraging predictive analytics. This approach allows manufacturers to anticipate and prepare for potential failures long before they occur.
Manufacturers can engage in predictive analytics of maintenance protocols using embedded sensors to collect data and let artificial intelligence do the rest. In this scenario, you can even collect historical data on hundreds or even thousands of parameters. Whenever manufacturers do this, they can identify and closely monitor various factors correlated with breakdowns and failures.
Ensure Product Quality
Quality control is crucial in industrial verticals. Manufacturing analytics can help improve the attributes of a product and ensure business relevance. One of the key advantages is accelerating quality checks and aiding operators by making suggestions to troubleshoot and resolve issues.
Supply Chain Optimization
Data analytics provide manufacturers with more control over the supply chain. By monitoring and analyzing different internal and external factors that impact performance (like customer demand, inventory levels, economic and political factors, logistics, and weather), you can anticipate and respond to potential problems before it disrupts the entire supply chain.
Although the sheer amount and variety of data types will undoubtedly pose some significant challenges, the opportunity to boost overall productivity and profitability can’t be ignored. As such, manufacturers must prioritize the integration of the Internet of Things and data analytics protocols to gain and maintain a competitive advantage.
Michigan Manufacturing International partners with American companies to source custom mechanical components and assemblies. Our supply managers live and work in five low-cost regions, maintaining decade-long partnerships and ensuring quality before parts leave the supplier.
Logistics, warehousing, and engineering are handled in the USA. Our business model offers a single partner solution to sourcing abroad, providing the cost savings of purchasing internationally with the ease of buying from an American supplier.