Analytics in the global steel industry
A sharper view
With an increasingly competitive environment, global steel companies are searching for ways to gain a competitive advantage. While steelmakers have employed analytics for years, from process simulation to laboratory management systems to computerized maintenance management systems integrated with real-time production data, new analytics tools are available to help companies sharpen their view.
Analytics is the practice of using data to drive business strategy and performance. Increasingly, decision makers from organizations across different sectors within the global economy have a wide range of data available to them. A gradual but pervasive evolution of analytics techniques in the global steel industry is expected over the next few years and has the potential to influence all major areas of the manufacturing value chain. Analytics can assist steel companies to make better decisions in different areas of their business, including product costs and margins, customer insights and demand, risk management, capital investments, production and operations safety, suppliers, and global supply chain