Manufacturing industry indeed is growing at a massive pace in today’s digitization era. The Industry 4.0 transformation, often referred to as the fourth industrial revolution has brought automation, manufacturing analytics, robotics, IoT and broad application of data to use for developing effective and efficient decision making strategies. Of course, large amount of data comes up with huge opportunities and benefits to the manufacturing sector that further allows the organisations to automate large scale processes and boost the execution time / cycle times.
The manufacturing sector can accelerate the growth through data science and data analytics through;
a. Predictive Analytics
c. Demand forecasting and inventory management analytics
d. Cost Optimisation analytics
e. Warranty Analysis
f. New Product Development analytics
g. Supply Chain Management analytics
h. …and much more!
Let us find out how Predictive Analytics can be crucial for manufacturing sector and what its benefits are:
Predictive Analytics, the analytics based on the current / present data for forecasting and avoiding the future problems or issues in advance, is certainly helping out diverse manufacturing thought leaders in implementing strategies accordingly. Predictive analytics is nothing but a combination of many techniques such as data mining, statistics, modelling, machine learning, artificial intelligence for analysing the current data for making predictions about the future events.
Thus, predictive analytics allows the organisations to become proactive, anticipating outcomes and event occurrences patterns based on the data analysed, that can certainly not be hunched or assumed, while making efficient decisions.
Hence, one can say that Predictive analytics starts with a business goal i.e. to use data to reduce material waste, save time, and cut process costs. It harnesses heterogeneous, often massive, data sets into analytical models that can generate clear, actionable outcomes to support achieving a particular goal, like minimum material waste, less stocked inventory, and manufactured product that meets the given specifications.
How are you leveraging Predictive Analytics in your organization ?
Talk to me at email@example.com for a quick PoC for your use case, to find out an optimum solution.
Shall discuss about how analytics is a vital tool in Fault Prediction and Preventive Maintenance, in the next article. Happy reading!