The manufacturing industry is in a unique position to utilize technology on the shop floor that were once just buzz words. Big data and analytics are taking over how the manufacturing enterprise makes decisions and run their facilities. From improving a production line to keeping tabs on the employees and their current tasks, manufacturing has seen Big Data Analytics completely transform their operations. The manufacturers that have embraced these technologies are seeing the impact while those that refuse to transform are feeling the pressure to adapt.
Time may be running out for manufacturers that are still behind the Big Data and Analytics transformation. More and more this technology is becoming less of an addition to a business and more of a necessity. As the business landscape continues to become more dynamic and customers continue to expect more information from their suppliers, Big Data and Analytics’ has become an essential part of the modern manufacturers business.
Honeywell has released the results of their recent survey “Data’s Big Impact on Manufacturing: A Study of Executive Opinions” and their findings reinforced the belief that the Industrial Internet of Things is a primary focus of today’s manufacturers.
The results of the survey shows that 68% of manufacturers are actively investing into data analytics. 46% of the participating manufacturers agree that implementing and utilizing data analytics is no longer optional. 32% see and understand the potential for big data analytics and Industrial Internet of Things (IIoT) to improve supply chain performance and increase revenue.
Manufacturers are particularly excited about the potential data analytics brings in regard to their equipment and ability to avoid costly downtime. With software that companies like Paxata offer, companies may be seeing results in data preparation sooner than they think. With IIoT technologies, manufacturers can capture critical equipment data and this combined with big data analytics businesses can reduce equipment breakdowns. Out of the executives that participated in the survey, 70% agreed big data analytics can reduce equipment breakdowns; 68% agree that this technology can reduce unscheduled downtime; 64% believe they can reduce unscheduled maintenance throughout their facilities; and another 60% are excited about what this technology can do to clear up Supply chain management issues.
The fact that Big Data Analytics can have such a profound impact on not only production, but every aspect of a manufacturers business, makes this technology a necessary investment. Gone are the days where only the largest of manufacturers can afford and implement this critical technology. The technology to monitor and maintain a Big Data Analytics strategy continues to become more affordable so even small manufacturers can benefit.
IIoT technology continues to mature by the day and in 2016 these technologies are becoming a stable throughout the manufacturing industry. Nearly all sectors are able to benefit from the applications the IIoT has to offer. Manufacturers that have refused to evolve are being left behind as their competition realizes the benefits from new modern manufacturing technologies like the IIoT, predictive analytics and Big Data. Refusing to adapt to this transforming business environment could spell trouble for any business. These technologies may no longer be an additional option, rather they could be necessary for a manufacturer to survive in 2016 and beyond.