What is Manufacturing Analytics?
Manufacturing analytics is a complex method of retaining and analyzing KPIs in order to optimize the manufacturing process and meet business standards. As the manufacturing industry continues to evolve and adapt new advanced technology, it also turns to new methods to increase product efficiency and decrease overall costs. Manufacturing KPIs data analytics is a key tool in driving this process of optimization forward.
Benefits of Manufacturing Analytics:
The benefits of manufacturing analysis can be compiled into a long list. From improving warehouse management to predicting demand forecasts. Manufacturers can now understand the complete cycle of production.
Some of the Benefits of Manufacturing Analytics include:
- Analyzing OEE analytics – Collecting data directly from machines permits manufacturers to predict and measure various product trends like shortstops, downtime and discrepancies so they can review how they’re performing.
- Yield-energy throughput (YET) analytics- By monitoring every aspect of the factory floor in real-time, machines and materials can be used as effectively as possible, helping manufacturers increase yields and reduce energy use.
- Real-time manufacturing analytics – Real-time data not only provides immediate insights, but also permits immediate action.
- Predictive maintenance – By constantly deriving and analyzing real-time and historical data, machines in factories can now predict and repair discrepancies as they occur, ultimately increasing uptime. This also enables manufacturers to study which parts of the production process fail most frequently, leading to proactive actions.
- Reduced cost and increased revenue – With the use of big data, manufacturers can optimize the manufacturing process by analyzing which recipes work, and which do not, leading to a decrease in material waste. And if at any time demand exceeds production, manufacturers will be alerted to adjust the process.
- Supply chain transparency – Manufacturing analytics allows manufacturers to better understand every side of the production life cycle and helps them make effective decisions by seeing the full picture all at once.
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Why is Manufacturing Analytics Software important?
Data, in itself, is one of the most important aspects of Industry 4.0. Implementing big data, machine learning, AI, etc., has enabled industries to exponentially grow and optimize their products and services towards their consumers. The manufacturing industry is no different.
As we can derive from the benefits of manufacturing analytics, storing and analyzing big data in the manufacturing industry enables manufacturers to keep up with company standards for the consumers. By using manufacturing analytics software, manufacturers gain knowledge and actionable insights that enable them to streamline the decision-making process, elevate production processes, increase shop floor productivity, reduce costs, and increase revenue.