Every manufacturing industry — from life sciences to medical devices, marine, automotive, robotics, and high technology — has its own way of producing products, and each individual company has its own specific manufacturing processes and regulations that need to be tracked and followed.
With globalization pitting companies against firms on other continents and tomorrow’s customers demanding high-quality products at a faster pace, the manufacturing sector is more competitive than ever.
These factors make it necessary to continuously improve production efficiency and flexibility while controlling costs. The key is to capitalize on the insight offered through industry-specific analytics. It’s not enough for analytics to simply indicate past trends. Analytics must help executives and plant managers make informed decisions on the fly; decisions that are critical to competing and succeeding in their own industries.
This blog explores five tips on how to leverage industry-specific data analytics that enable you to boost your manufacturing efficiency so you can deliver what your customers want – fast – while also satisfying stringent compliance regulations.
Tip 1 – Understand How Analytics Benefit Your Manufacturing
Whether you need to ensure inventory availability, increase equipment efficiency, or perform market analysis, gaining access to analytics data is mission critical. Operational insights give you the ability to understand the cost and efficiency of every component in your product lifecycle. You can also proactively identify the need for machine repairs and maintenance to minimize downtime. And with real-time visibility into how manufacturing lines operate, you can use predictive insights for smarter forecasting as well as streamlining product flow and replenishment procedures.
Tip 2 – Know Which Data to Pull for the Highest Analytical Impact
In today’s digital era, manufacturers generate an enormous amount of data. However, not all of it is worthy of being analyzed. Knowing which information to pull from your internal systems and resources is critical. Once you deploy an analytics platform that focuses on the right information from multiple sources, you’ll also be able to understand the relationship between data sets, turning the information into answers. For example, this capability is particularly crucial in the automotive industry where vehicles are manufactured from thousands of different components. Pulling and analyzing the right data from the components database can help determine how to maximize output—based on the best order, the precise quantities, and the optimum times in which to deliver components to the assembly line.
Tip 3 – Source External Data for Better Insights
External data is equally as important as the data you produce in your organization. Tapping into production data that supply chain partners share can help forecast how your capacity will be impacted and alert you to any adjustments that need to be made on your side. Industry associations and analysts can also be valuable sources for outside trend information. In the life sciences sector, specific analytics can help pharmaceutical companies track post-market drug safety by monitoring adverse event reports generated by healthcare professionals and patients. Armed with that type of insight, a pharmaceutical manufacturer may decide to either halt production of a drug that is causing severe side effects, or quickly make improvements to the production line.
Tip 4 – Consult with Experts Who Work with a Wide Range of Manufacturers
Knowing which data to analyze and how to present the information is challenging due to the nuances of every industry and every individual company. Solving this challenge and knowing which data to apply requires analytics experts who know your industry, understand your company’s unique manufacturing processes, and are very familiar with your target market. For example, high tech manufacturers need to analyze online customer behavior to identify purchasing trends while also gaining a view into the position products occupy at sales outlets. This makes it possible to anticipate necessary changes in production outputs and stock inventories.
Tip 5 – Consolidate Data from Multiple Sources
Experts with industry-specific knowledge can also evaluate analytics platforms for their ability to accommodate your required data feeds. That way, you can leverage data from disparate sources, consolidate it, and present the information in dashboards and reports that illustrate what’s going on with your business. The information can then drive decisions about any manufacturing processes that need to change.
The Power of Analytics in Your Manufacturing Processes
New technologies are digitally transforming production processes and generating piles of information. That makes it critical for manufacturing companies to leverage the power of an analytics platform that processes, extracts, and analyzes the right data so that it delivers value.
By deploying a platform purpose-built for your industry, you have access to on-demand analytics for a holistic view of the business – all the time. Being able to analyze the full ecosystem of processes, whether optimizing costs in product design or ensuring productivity on the floor, you can more easily identify – and resolve – inefficiencies. When you have that intelligence, your company will be better positioned to quickly respond to changing market demands and capitalize on opportunities.
Choosing an Analytics Consultant
There are few industries as complex and data intensive as manufacturing organizations. The Copley Consulting Group knows there are several factors to determine the right fit for your organization. When working to implement your analytics solution, Copley can provide the technology and support needed for your specific industry and business. To discuss an analytics solution for your organization, complete our contact form, call us at 855-884-5305, or email us at firstname.lastname@example.org.