Using analytics to help gain a competitive edge in manufacturing
Over the last decade, many manufacturers have made significant investments in their information technology infrastructure. With such systems in place, executives are expecting and needing shorter response times. Given the current realities in manufacturing, several tough questions need answering, such as:
- How much can adjustments in one or more key performance areas affect us?
- Which course of action is the most worthwhile?
- Are we getting the advantage we expected from our technology investments?
More and more, manufacturing executives are increasing their focus on analytics for the answers. New advancements in analytics can provide not only reports on past and present operations, but also help forecast the future – giving progressive manufacturers the competitive edge.
In this article, the authors discuss some of the key challenges facing the industry, what factors are driving today’s business need for more effective data analysis as well as a methodology for effectively embedding analytics into an organization’s systems and culture so that value can be realized at various levels of the business.