5 reasons why all manufacturing companies need to use big data
Big data is helping the way the business world works and manufacturers are really beginning to take notice.
If your manufacturing company needs to optimize its data collecting practices, then big data might just be the answer.
With manufactured data management in mind, here are just a few ways your company can benefit from big data:
Your manufacturing company processes, compiles, and manages massive sets of data day in and day out.
With big data, your company can put all of that information to good use and create a smarter manufacturing environment. Taking a big data approach all begins with information system tracking.
Manufacturing inherently uses automated machinery complete with actuators and sensors that are connected through a network.
Big data can track the processes of each and every sensor in your factory and allow the attached equipment to self-govern. This type of smart manufacturing creates an improved IT infrastructure.
As mentioned earlier, the manufacturing world is highly automated, which means data transferring takes place across the entire factory floor. Depending on the size of your manufacturing facility, you could pull upwards of a terabyte of data each day.
Whether you process files from certain machinery or run test machines for accuracy, your data volume fluctuates regularly.
With big data, you can scale your data collecting up or down depending on manufacturing amounts from one week or month to the next.
Balancing your manufacturing company's budget is a top priority and big data can help in the finance department too.
As the following article notes, when it comes to how big data is transforming the world of finance, it all boils down to risk analytics, which is something every company can benefit from.
A balanced budget mitigates financial risk and luckily big data can account for all of your company's expenses.
From tracking material costs to daily labor and energy costs and miscellaneous overhead costs, big data collects all of your company's expenditures and compiles them into a real-time budgeting log.
Product defects not only slow production, they also cost your company tons of money when they go unnoticed on the assembly line.
Unfortunately, with manufacturing systems becoming increasingly independent and automated, defects oftentimes slip through the cracks.
Big data acts like a factory floor supervisor with the main goal of locating defects.
Because big data can collect and process data sets from sensors throughout your facility, it can quickly locate flaws and defects based on data inaccuracies. This gives your company the opportunity to solve the issue before it becomes a costly manufacturing mistake.
Analyzing and forecasting
From performance data to supply planning to product quality and output speeds, big data can analyze just about every part of your manufacturing practices.
With analyzing abilities like this, your company can better plan for future manufacturing processes.
In other words, with the help of big data analytics, your company can forecast its manufacturing output and exponentially increase its efficiency.
If your manufacturing company needs some assistance in the information department, let big data help.
Adam Groff is a freelance writer and creator of content. He writes on a variety of topics including technology and data collecting.
IMF: Variants Can Still Hurt Manufacturing Recovery
After a year of on-and-off manufacturing in the US, UK, and the eurozone, demand for goods surged early last week. Factories set growth records in April and May, suppliers started to recover, and US crude hit its highest price point since pre-COVID. As vaccination efforts immunise much of the US and UK populations, manufacturers are now able to fully ramp up their supply chains. In fact, GDP growth could approach double-digits by 2022.
Now, the ISM productivity measure has surpassed the 50-point mark that separates industry expansion from contraction. Since U.S. president Biden passed his US$1.9tn stimulus package and the UK purchasing managers index (PMI) increased to 65.6, both sides of the Atlantic are facing a much-welcomed manufacturing recovery.
Lingering Concerns Over COVID
Even as Spain, France, Italy, and Germany race to catch up, and mining companies pushed the FTSE 100 index of list shares to a monthly high of 7,129, some say that UK and US markets still suffer from a lack of confidence in raw material supplies. Yes, the Dow Jones has made up its 19,173-point crash of March 2020, and MSCI’s global stock index is at an all-time high.
Yet manufacturers around the world realise that these wins will be short-lived until pandemic supply chain bottlenecks are solved. If we keep the status quo, consumers will pay the price. In April, inflation in Germany reached 2.4%, and across the EU’s 19 member countries, overall prices have increased at an unusual pace. Some ask: Is this true recovery?
IMF: Current Boom Could Falter
Even as Elon Musk tweeted about chip shortages forcing Tesla to raise its prices, UK mining demand skyrocketed; housing markets lifted; and the pound sterling gained value. The International Monetary Fund (IMF), however, cautioned that manufacturing recovery won’t last long if COVID mutates into forms our vaccinations can’t touch. Kristalina Georgieva, Washington’s IMF director, noted that fewer than 1% of African citizens have been vaccinated: “Worldwide access to vaccines offers the best hope for stopping the coronavirus pandemic, saving lives, and securing a broad-based economic recovery”.
Across the globe, manufacturing companies are keeping a watchful eye on new developments in the spread of COVID. Though US FDA officials don’t think we’ll have to “start at square one” with new vaccines, the March 2021 World Economic Outlook states that “high uncertainty” surrounds the projected 6% global growth. Continued manufacturing success will in large part depend on “the path of the pandemic, the effectiveness of policy support, and the evolution of financial conditions”.
Mathias Cormann, secretary-general of the Organisation for Economic Co-Operation and Development (OECD) concurred—without global immunisation, the estimated economic boom expected by 2025 could go kaput. “We need to...pursue an all-out effort to reach the entire world population”, Australia’s finance minister added. US$50bn to end COVID across the world, they imply, is a small investment to restart our economies.