Top 10 Manufacturing Analytics Use Cases in Supply Chain
IDC projects that the global big-data analytics market revenue will exceed $274B in 2022. Manufacturing will be the industry with the highest growth rate for analytics. Manufacturing analytics are essential steps in manufacturing’s digital transformation. This is required to support the fourth industrial revolution, industry 4.0. It aims at automating traditional manufacturing processes, reducing costs, and improving efficiency.
What is manufacturing analytics?
Manufacturing analytics is the art of capturing, cleaning, and analyzing machine data to forecast their future use, predict failures, identify areas for improvement, and forecast maintenance needs. Manufacturing data is all information, both structured and unstructured, that has been collected by machines or humans from every stage of production to the point when a product goes on sale.
What are the use cases of manufacturing analytics?
The data generated by manufacturing processes is large.
Machines: robotics, sensors, actuators, IoT devices, etc.
Operators: ERP, sales, logistics, etc.
These data can be collected, and analytics can then be applied to them.
Supply chain
Demand forecasting
Demand Forecasting is heavily based on historical data regarding supply levels, material prices, purchase trends, and customer behavior. Analytics can be used by manufacturers to:
- Define the products that will be manufactured during a given time
- Identify out-of-stock products
- Calculate the product number to be produced
- Forecast sales opportunities
Read full post:- Top 10 Manufacturing Analytics Use Cases in Supply Chain
