The manufacturing industry doesn’t have to buckle under the pressure of increasing costs and demands. Data analytics empowers enterprises to make the right decisions. Here, we’ll discuss manufacturing analytics solutions providers for startups in the industry.
With manufacturing enterprises moving from traditional production methods to smart factories and digitalization, managed analytics has gained prominence among established and new businesses.
Gartner Digital Markets surveyed with over 3400 participants to arrive at some interesting insights. The survey report shows that 54% of manufacturers plan to spend 10% or more on software compared to 2023. Most responders said business intelligence and analytical solutions were a top priority. However, 47% agreed that identifying the right software is the biggest challenge as it directly impacts their ROI and success.
The best way to overcome the challenge is to partner with a managed analytics service provider. Manufacturing startups need much more than access to technology to compete with global enterprises. You should also have the required skills and talent pool to effectively use the technology and align the processes with business goals. From data management to decision-making, the data-driven model is a collection of various tools, technologies, talents, and domain expertise.
Here, we’ll understand how analytics are helpful and why manufacturing analytics services are a must for startups in the industry in the US and around the world.
Data analytics is where large amounts of data are collected from multiple sources, cleaned, formatted, and stored in a central database to derive meaningful, accurate, and real-time insights. The insights are used by employees and top management to make important business decisions.
Data analytics for manufacturing firms has gained prominence, with technology disrupting the industry. The data analytics provided from this sector are called manufacturing analytics and can be used to streamline a variety of factory, production, supply chain, logistics, marketing, and customer-related activities in the enterprise.
According to the Business Research Company, the market size of manufacturing analytics has grown from $11.75 billion in 2023 to $14.26 billion in 2024 at a CAGR (compound annual growth rate) of 21.4%. It is expected to reach $32.39 billion by 2028 at a CAGR of 22.8%.
Data analytics can be used in manufacturing in the following ways:
Third-party consulting companies offer end-to-end manufacturing KPIs managed services to help enterprises identify, track, and assess their key performance indicators to determine if the business is going as per the plan. It helps survive market competition, increase return on investment, and generate more profits.
DataToBiz is among the top manufacturing data analytics companies in the US, with startups and established enterprises as clients. It empowers manufacturers to streamline their operational processes by unlocking the full potential of data and analytics. The company offers end-to-end services to derive actionable insights in real time using various tools and technologies like AI, ML, NLP, generative AI, LLMs, etc. It also provides customized manufacturing BI solutions by building dashboards for different parameters. The teams work with business intelligence tools like Power BI, Tableau, etc.
DataToBiz is an award-winning company with a presence in different continents, including North America. The data governance solutions offered by digital transformation companies ensure manufacturers set up the necessary security systems to collect, manage, store, and use large amounts of data. The company is a certified partner of AWS, Microsoft, and Google and is trusted by many manufacturers. It provides assistance at every stage, from identifying KPIs and competitors to determining the best marketing strategy to promote the products. The company also helps with AI-based automation, IoT (Internet of Things) device implementation, robotics, OEE, supplier analytics, quality control, resource optimization, customer behavior analytics, and so on.
Seeq is a global firm offering advanced analytics for manufacturing companies, petrochemicals, oil & gas industry, life sciences, pharma sector, etc., from different countries. With a headquarters in Seattle, empowers manufacturers to get better business outcomes by generating faster insights. The company has developed solutions like Seeq Workbench, Organizer, Data Lab, etc., to help enterprises convert raw data into actionable insights. The AI and ML platforms can be deployed quickly and customized to suit the client’s needs.
Seeq focuses on maximizing production runs and helping businesses achieve their sustainability goals. The company assists manufacturers in streamlining operations to improve throughput, reduce production costs, and increase quality. It also empowers the workforce to use the analytics for day-to-day decision-making. The company has announced its partnership with Databricks to promote IT-OT convergence in enterprises. Furthermore, Seeq’s platforms can be integrated with AWS and Microsoft Azure.
Cognex is a global service provider of software, sensors, vision analytics, and industrial barcode readers in the manufacturing sector. The company works with enterprises from various subsectors of the industry like automotive, semiconductors, electronics, machine building, vision-guided robotics, solar, etc. It assists clients in improving product quality by identifying and eliminating errors, reducing costs, monitoring production lines, etc. The company believes in intelligent automation for smart production. It helps enterprises build manufacturing data systems and integrate the latest technologies with their processes.
Cognex offers a plethora of products, such as 3D vision systems, barcode readers, edge intelligence, OEM products, etc. It highlights the importance of artificial intelligence in promoting innovation and automation. Technologies like edge computing and deep learning help enterprises make data-driven decisions. The company also provides training through its classroom facilities in the US, Asia, and Europe. The training programs by Cognex are conducted online and offline and cover a wide range of courses (basic to advanced) for the manufacturing workforce.
Tulip is an IoT (Internet of Things) software provider that helps manufacturers democratize technology to streamline business operations and overcome challenges. It transforms the production floor by setting up digital connections to create seamless workflows throughout the enterprise. The applications offered by the company are cloud-based and ready to be implemented in enterprises. Derive predictive analytics in manufacturing, build robust and customized solutions for specific concerns, and boost productivity.
Tulip’s platform has generated 448% ROI, according to the Forrester Consulting Total Economic Impact™ study commissioned by the company. The next-gen MES (manufacturing execution system) has been developed to have human-centric interfaces for integrated workflows. The platform is agile, flexible, scalable, and runs on the modern cloud-native architecture. It is used by many leading manufacturers to digitally transform their systems and gain actionable insights from real-time analytics.
FICO is an analytical software company with clients in over 90 countries. It uses big data and mathematical algorithms to help manufacturers under customer behavior, minimize risk, avoid fraudulent transactions, and optimize operations. The company offers manufacturing analytics solutions through its open-source platforms and cloud computing services. It works with clients from different industries to promote the adoption of critical technologies for effective decision-making.
FICO’s flexible technology is used by many popular businesses like PepsiCo, etc. The company’s products, such as Forecaster and Xpress Optimization, are used for demand forecasting and to find quick solutions to complex manufacturing and operational problems. The company blends artificial intelligence, machine learning, human expertise, and data analytics to deliver comprehensive solutions to its clients. It also offers generative AI solutions to promote hyper-personalization marketing strategies to enhance customer experience.
Data analytics in the manufacturing industry is one of the most essential steps for digital transformation in the sector. It is an integral component of Industry 4.0, which is revolutionizing manufacturing by promoting the use of technology at every stage. Analytics can provide many in-depth insights into the industry. A few examples are as follows:
Enterprises don’t have to build analytical models from scratch. Startups can partner with service providers offering managed analytics for manufacturing firms to implement the tools and technologies quickly and derive insights almost instantly. This results in higher ROI, more flexibility and cost-efficiency.
Startups have to face many challenges to survive market competition and gain visibility where the established players have a greater presence and reach. Data analytics provides much-needed information for startups to make the right decisions and be proactive. For example –
Using data analytics for manufacturing is a reliable solution to introduce the necessary changes and developments in the enterprise. Manufacturers can no longer afford to rely only on traditional and outdated methods to run the enterprise. It’s vital to invest in digital technology and stay ahead of competitors.
Manufacturing analytics companies offer end-to-end support and solutions to help you achieve your goals and expand the business. In today’s world, it is essential to use data models and insights to make informed decisions. Schedule a meeting with our expert analytical team to learn more.
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