As you may know, big data and software analytics have had a tremendous impact on modern industries. Industry disruptors like Google, Tesla, and Uber have used the many benefits presented by big data to expand into new markets, improve customer relations, and enhance the supply chain in multiple market segments.
IDC Research projects that revenue from sales of big data and analytics will hit $187 billion in 2019, up from the $122 billion recorded in 2015. One of the areas that stand to benefit greatly from this growth is the manufacturing industry, with revenues from this industry projected to reach $39 billion by 2019.
The manufacturing industry has come a long way from the age of craft industries. Back then, the manufacturing process involved slow, tedious production processes that yielded a few products at a time. The invention of the assembly line in the early 20th century signaled the beginning of a manufacturing revolution, one that matured with the integration of lean manufacturing in factories across the globe.
IT has played the biggest role in this revolution. Automated processes and mechanization have resulted in the generation of large amounts of data, more than most manufacturing companies know what to do with. For instance, a factory sensor can generate thousands of data points when scanning for defects along the assembly line.
When fed into analytical software, such data can yield valuable information to improve manufacturing processes and increase productivity. Some notable effects include:
Big data can help change the way manufacturing processes are carried out. The information produced data that can help reduce the cost of production and packaging during manufacturing. Additionally, companies that implement data analytics can also reduce the cost of transport, packaging, and warehousing, which can in turn help cut inventory costs for massive savings.
Many manufacturing companies now use computerized sensors during production to sift through low-quality products along the assembly line. With the correct software analytics, companies can use the data generated from such sensors to improve the quality and safety of products instead of simply discarding low-quality products after production.
Many vehicle manufacturers are subjecting their massive pools of data to software analytics to help generate simulation models before production. These simulations help reduce risk while improving the quality of the vehicles being introduced into the market.
Manufacturing companies can also use big data to improve management and employee efficiency.
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