As big data is a collection of a humungous amount of data in different forms from diverse sources most industries look for numerous ways to leverage big data & analytics with an aim to gain a competitive advantage. The manufacturing industry has always been intensive user of technology & data for driving quality as well as efficiency, while it is one of the most complex industries in terms of variety of products. The adoption of industry 4.0 has resulted in smart manufacturing which involves exploring big data for optimized workflows as well as error reduction, in order to have a transformative impact. The propagation of technology across the manufacturing industry right from Research & Development & design, to logistics, to field servicing as well as technology has served & experienced the surge in data volume exponentially in the sector. With numerous processes of procurement & production, inventory & operational management, the manufacturing industry has a big collection of both structured & unstructured data & this data is unorganized and unstructured & not all of the data is crucial. However, when required it is a daunting task for searching & taking out the needed information from the compiled data structure and this is where big data analytics come into play.
Organizations leveraging big data in manufacturing
It is imperative to understand the benefits of big data analytics for optimizing the efficiency as well as the productivity of the business. A few manufacturing firms have been leveraging big data analytics successfully, but unfortunately most of them are yet to understand & adopt the technology.
Big data increases transparency in the whole supply chain. Enterprises use sensors for reducing condition-based monitoring & maintenance of machines. While data is utilized for removing errors & delays, tracking the location of tools & inventory in real-time, organizations are encouraging supply chain transparency through analyzing processes & its dependency in optimizing inventory management, price supervision, stock control & machine maintenance. The top three benefits of big data analytics in smart manufacturing include:
Predictive Maintenance for reduced equipment breakdown
Big data can efficiently predict as well as forecast when machines & robots implemented for production need maintenance. On the basis of prediction, organizations can also plan their maintenance schedules and as a result there would be reduced equipment breakdown & losses incurred owing to equipment failure.
Production optimization
By leveraging big data analytics, firms can predict the amount of manufacturing to be carried out to be as close to the market demand as possible. It is useful in rendering the right estimate of the requirement of products in the market which leads to prevention of over stocking or losing potential sales owing to under-production. While organizations keep a close watch on their everyday manufacturing activities and production by leveraging big data analytics tools, they also obtain insights for understanding what type of improvements are required in their products.
Supply Chain Management
As supply chains become more and more complex, they generate huge amounts of data from various sources such as ERP systems, supplier end, shipment details and many more making it crucial for organizations to leverage big data tools & optimize their supply chain. With the help of big data analytics, organizations can monitor products in real-time. Apart from these benefits, organizations can leverage big data technologies for recruiting the right employees, focusing on their local area, knowing what suits that area & even decide where to set up new factories. Big data facilitates organizations in creating tailored products as well as services as per the market requirement, invent new business models & create next generation products.