According to an article by Infor, the data is no longer used only for the purpose of reporting past performances. It is also now being used to predict future trends and events, including risks and areas of opportunity, as well as enhancing the provision of customer service. No longer is big data collection seen as a useless venture; the development of analytical tools have allowed manufacturers to utilize the information and apply this to improve their systems and processes.
Over the years, the collection and analysis of big data has led to the following positive changes.
Improvement of manufacturing
Big data analysis has played a huge role in the increase in the automation of the manufacturing industry. Forbes reported this is now used in optimizing production schedules to factor in supplier and customer needs, machine availability, and cost constraints. The data collected from the machinery also allows operators to monitor any problems in their equipment, allowing them to address the issues promptly.
Big data allows manufacturers to optimize their production schedules, which in turn, Tech.co says can help reduce the cost of production. In fact, the cost savings is not just limited to actual production. It can also have an impact on logistical support, such as transport and warehousing.
Better quality assurance
Big data analytics allows manufacturers to significantly reduce the number of tests they need to perform on their products to ensure quality. This will not only help cut back on time, but expenses as well. Intel was able to save $33 million when it used big data analytics to cut down test time.
Better response to consumer needs
Part of the information gleaned from big data is the feedback of consumers on offered products. Knowing this will allow manufacturers to understand what their target market is looking for, and thus adjust their offerings to better address what their clients need.
Expansion into niche markets
Analysts have predicted that big data will allow manufacturers to expand their lines to new markets, because they can use the collected information to identify under-served markets. In fact, TeraData suggests that big data actually drives research and development programs in many leading companies, as it provides critical information to manufacturers to explore new, innovative products.
This is a guest post by JBTechJournals, an events runner by day, and tech junkie by night. She likes putting her thoughts on the tech industry into words for the globe to read.