The demand-supply chain & the contributing factors
The traditional demand-supply chain has conveniently helped the manufacturer understand the needs of the market and the consumer at the far end. The factors that drive the market are very obviously and entirely dependent upon the way the consumer or end user responds to the product delivered to him. Any industry, starting from healthcare to transport, from household goods to food, from cosmetics to science or even from technology to entertainment, is driven largely by the way its products are responded to, by the end user. The manufacturing industry tends to be catering to almost all these sectors. Something is being delivered after a thorough manufacturing to everybody functioning at any level in any industry. To satisfy the consumer hence becomes the ultimate responsibility of the one providing the service from a scratch.
Now, figuring out the statistics, the growth of any of these industries is monitored via the way they have been able to maintain their demand in the market, and the consumer demands have also grown with advancing times and changing trends. Keeping pace with these is another challenge the supplier needs to bother about. Everyday technology jumps to a new high creating a new niche and outdating of what there was at hand yesterday or in the past. So, not only does the end product need to meet the modern outlook, but the infrastructure at the supplier end needs to advance with market trends. So the manufacturing industry faces what we can say the heaviest of the pressures in trying to deal with the everyday consumer demands and the changing times, as if ignored, not only the product go outdated, but it might just go out of the market as well.
What to do? A manufacturer’s dilemma
The key question that arises out of this information is what could be the way in which the manufacturer can decipher what path to choose so as to improve his stake in the market? The enormous ways in which the data is generated, via the feedbacks the consumer give, the sales patterns, the quality check data, the market review or the futuristic demands pouring in, it might need a professional insight to figure out the actual meaning of it all. Considering the parameters that contribute to the overall performance of any manufacturing industry, beginning from the basic machinery that functions to produce or the technology components that run any business, the application of the outputs derived from all the data could be the answer to all queries that arise towards an efficiently functioning industry.
The amount of data that has been generated in the past few years is more than what the human race has ever seen. But the question is how to turn this big data into small, smart and meaningful information to create value? Unlike all the industries manufacturing industry is said to benefit the most if this question is answered. The manufactures will be able to predict the ways not only to boost their production but also predict customer demand patterns and much more. But again, how do we connect all these dots to draw a line? The answer lies in Data Science. There are firms all over the world that will take your stockpiled data and turn into an insightful information that holds economic value. Data science could be pivotal in drawing the path for the manufacturing industry.
Points to ponder: A data scientist’s perspective
The primary point that a manufacturer must ponder over is whether he has the data from the right sources or not. The main concern is to improve the way your data is collected so that further on it becomes easier to spot the queries and solve for better solutions. Your data scientist will draft out ways in which you could collect important data at various steps and stages of your manufacturing process so that meaningful insights could be drawn out later as per the data trends and changes. Tracking all of the documentation, raw material purchase, quality checks, maintenance of infrastructure and personals, product failures, the time taken to process, all the costs, energy inputs and expenditures, and the final supplies could help improve or scale up the quality and performance of the entire manufacturing process.
Looking at your data, it could be prompted whether a certain procedure or process parameter is making the entire process worthy of the costs put in and the returns it brings or is it advisable to alter, redo or repair the process parameter. The failure rates calculated provide inputs against or in favor of certain components, machinery or people on-board the process for delivering. The crux is to draw value out of the data each step is generating, in turn amounting to profits, for the consumer and the manufacturer as well. Production management, maintenance of machinery, everyday produce or outcome monitoring, quality assessment are just to name few of the achievements a manufacturer could decipher using the data science tools.
Take home advice
The success story of the manufacturer is thus written by the smiles it creates on the consumer’s faces. The more he sells is the more he himself can grow. So your data could take you to entirely new heights if you focus on getting there. Directing you on this note to DataToBiz, a team of professionals who could showcase the potential your data holds, strategize it and drive you to the points where you need to modify your approach, be it infrastructural or intellectual, helping you bring in the changes you need to make at your end so that the drive ahead is smooth with better growth. So for the trending consumer, be a smart manufacturer and choose DatatoBiz for your data.