Manufacturing analytics or Industry 4.0 is here. It is the use of data analytics to make effective decisions based on real-time insights. Here, we’ll discuss the need for manufacturing analytics solutions and the top companies that offer these services.
Industry 4.0 is here to revamp the manufacturing sector and promote greater productivity. Statistics show that the global smart manufacturing market will grow at a CAGR (Compound Annual Growth Rate) of 13.1% between 2022 and 2029 to reach $658.41 billion. A decade ago, in 2013, McKinsey&Company predicted that IoT (Internet of Things) would generate around $3 to $6 trillion in economic growth by 2025.
We can see this happening through Industry 4.0 or manufacturing analytics. Using data analytics in manufacturing to collect, store, process, and analyze large datasets will enhance the overall performance and growth of the enterprise. From streamlining OEE in production to increasing profits, manufacturing analytics can benefit an enterprise in many ways.
In this blog, we’ll understand how data analytics can revolutionize your factory and look at the top companies offering tailor-made manufacturing analytical services. We’ll also get a brief insight into the benefits of using data analytics in the manufacturing sector.
Manufacturing analytics is the use of managed analytics, data warehousing, and other data-driven algorithms to improve various functions of the factory. From enhancing product quality to reducing costs, speeding up transportation, and optimizing the supply chain, manufacturing analytics solutions can help your business make effective decisions throughout.
Historical and real-time data (collected through IoT devices) are analyzed using powerful machine-learning algorithms to derive actionable insights. Using business intelligence tools like Power BI can increase the visibility of KPIs and ensure that they are aligned with the business goals.
OEE stands for Overall Equipment Efficiency. Measuring OEE in manufacturing enterprises is one of the best practices followed in the industry to understand the cause of losses and ways to minimize them. OEE tracking will help you identify areas for improvement and implement the right strategies to increase factory production (without compromising quality).
Quality, performance, and availability are the three main components of OEE. You can improve OEE by implementing the following steps:
This is possible by using manufacturing analytics and tracking the developments through the OEE dashboard. Partnering with an offshore Power BI company offering manufacturing analytics will make it easier to adopt data-driven models and use actionable insights to improve OEE and make better decisions for your business.
DataToBiz is an award-winning manufacturing analytics company offering customized Power BI services for small, medium, and large enterprises from various niches. It works with businesses from different regions like South Asia, the Middle East, North America, Australia, Africa, etc. The company offers a range of services to digitally transform a manufacturing enterprise and give it an edge over competitors.
A few services by the company are as follows:
DataToBiz has helped many multinational FMCG companies improve their manufacturing efficiency and establish their brand reputation in the global market. It follows a systematic process to understand the enterprise’s current situation, challenges, and goals to create a comprehensive strategy.
Then, the service provider develops and deploys the necessary tools to collect, store, transform, and analyze data. The insights are delivered to employees through a customized data visualization dashboard. DataToBiz offers end-to-end solutions to support manufacturers achieve their goals.
NVIDIA is a popular company known for manufacturing some of the best computer accessories like CPUs, GPUs, and more. However, it also offers a range of services to businesses from other industries by leveraging artificial intelligence and machine learning algorithms. The company works with manufacturing enterprises to transform them completely by harnessing the power of AI.
Some of the services offered by NVIDIA are listed below:
NVIDIA uses its AI systems and the latest GPUs to automate recurring factory work. From developing robots to handle complex machinery in enterprises to allowing supervisors to work with virtual factories (and control the machines remotely), the company provides several solutions to use technology in the manufacturing industry.
Predictive maintenance analytics and workplace safety (to take care of employee health) solutions by the company help the enterprise to efficiently manage production, equipment, and workforce. NVIDIA also offers accelerated edge computing solutions to leading manufacturers in the industry.
Rockwell Automation is a global leader in industrial automation and believes in three major elements- innovation, productivity, and sustainability. It works with enterprises from diverse industries and helps them effectively streamline their manufacturing units and factories. The company has helped many leading businesses, ranging from automotive manufacturers to FMCG enterprises, textile industries, chemical manufacturers, and more.
The company provides lifecycleIQ services, such as:
Rockwell Automation’s AllenBradley® and FactoryTalk® product brands are popular around the world. The company promises technological innovation, expertise, and corporate responsibility to all its clients. Manufacturers can implement automation and smart technologies at different stages of production (right from procurement to quality testing and packaging).
The company is also an OEM (Original Equipment Manufacturing) Partner. It also offers strategic and consulting services for specific requirements. Since Rockwell Automation focuses equally on sustainability, manufacturing enterprises looking to develop a transparent supply chain can benefit from its expertise.
Amazon Web Services (AWS) offers comprehensive IT and AI solutions to businesses from around the globe. AWS helps simplify digital transformation in the manufacturing industry by helping enterprises adopt smart manufacturing to increase productivity, quality, and availability of machines. The company helps manufacturers extract valuable insights from machine data using its plethora of services.
The company provides extensive services for the following:
AWS offers pay-as-you-go microservices and cloud solutions to support manufacturers lower the cost of building IT and OT infrastructure. It helps enterprises develop new products and speed up innovation by using advanced manufacturing technologies. The analytics derived from manufacturing data are provided in real-time to help mid and top-level management make effective decisions.
The company also focuses on providing tailor-made strategies to improve operational efficiency in factories and boost OEE scores. From workplace safety to data security and supply chain optimization, Amazon Web Services promises to transform manufacturing operations with its cloud technology and solutions.
Siemens is one of the top manufacturing analytics companies in the global market. It provides long-term strategic solutions to deal with complex challenges like digitalization, glocalization, etc. The company offers end-to-end solutions and services to streamline operations in various industries, including the manufacturing sector.
The German company’s history dates back to the mid-18th century. It has expanded exponentially to offer the following services:
Siemens aims to promote Industry 4.0 to help manufacturers increase their production and operational efficiency, manufacturing speed, production quality, and overall productivity to sustain in the highly competitive markets.
Seimens Xcelerator is a product by the company developed to help enterprises speed up digital transformation and overcome bottlenecks effectively. The company helps manufacturers make their factories resource efficient and strengthen the supply chain. Manufacturing enterprises can seamlessly combine the real and digital worlds by partnering with Seimens.
Data analytics is a vital part of modern manufacturing technologies and offers several benefits to enterprises.
Manufacturing analytics give real-time insights at the micro and macro levels to help decision-makers have more control over the process. Data analytical tools identify the patterns and trends in manufacturing data to highlight the areas for improvement at various stages of production. From choosing suppliers to increasing equipment availability and boosting business efficiency, manufacturing analytics is the answer to minimizing loss by having greater control over production.
Every enterprise has vast amounts of raw data scattered across the departments. Though the data from other departments seem unrelated to manufacturing, it does play a role when making key decisions. Manufacturing analytics brings together the raw and unstructured data from multiple sources (and systems like CRM, ERP, etc.) to clean and process it using advanced AI/ ML tools. This makes it easy to establish a correlation between datasets, which helps in setting the right KPIs and leveraging accurate information to enhance production.
Manufacturing analytics provides the necessary foundation for supervisors, managers, and C-level executives to use their personal experience and knowledge to make better decisions for the enterprise. The insights are derived from data that also contains the personal experience of workers and employees. These insights are shared with employees through data visualization tools like Power BI, making it easy for them to leverage their knowledge effectively for decision-making.
One of the major benefits of manufacturing analytics is predictive maintenance. Production will be uninterrupted as long as the machinery is running. Unexpected breakdowns lead to delays and losses. These can be prevented by detecting potential issues in the equipment in their early stages and performing maintenance or repairs on time. Planned maintenance ensures that the factory hours remain undisturbed. IoT devices and edge computing is used to plan predictive maintenance in manufacturing enterprises.
Data analytics in manufacturing is beneficial in reducing post-production without affecting the quality of the products. Identifying bottlenecks, increasing safety, scheduling production, choosing raw materials, adjusting manufacturing procedures, etc., can be done based on the insights provided by the analytical tools. You can cut unwanted costs and avoid risks (or delays) based on real-time data.
The ultimate reason to use manufacturing analytics is to increase customer experience and establish your brand in the market. When you streamline your production, packaging, supply chain, and other operational activities, you will strengthen your internal processes and deliver better products to customers in less time. This enhances customer satisfaction and brings greater ROI and profits to the enterprise.
Using the right technologies can effectively transform the factory and production cycles in your enterprise. Manufacturing analytics solution providers help you at every stage of the business and are vital to gaining a competitive edge over other manufacturers.
Talk to Power BI experts to set up data pipelines and customized dashboards for sharing insights with employees (on-premises and remote). Hiring a long-term analytical partner is the key to your success in today’s world.
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