I hope that the answer to this question is “Yes!”
You may be wondering how this is possible and the answer is by digital transformation.
While this may appear on your buzzword bingo sheet, you do need to start thinking about what it could mean for your company, how you can take advantage of it now and what’s next.
For example, I suspect that you already have lots of data being collected today from various pieces of equipment within your manufacturing process. While this may seem good, what I’ve learned from speaking to many of you is that it is often siloed away in different departments and this is not good.
What to do with all your data
You need to look at what tools are available now for you to visualize this data in a better way, in a way that crosses the departmental setup in your organization so that fast, better-informed decisions can be made.
Once you have done this then you may want to take the next step and start thinking about adding additional revenue streams to your business by using the data to offer new services on top of your equipment and applying a more service type of offering to your customers.
There are studies that back this up as well, for example, an Accenture/GE study showed that 87 percent of enterprises believed that big data/analytics would change the competitive landscape of their industries within three years, and 89 percent believed that companies failing to adopt a big data/analytics strategy imminently risked losing market share and momentum.
It may seem simple but you need to consider the current skills that exist in your company that are needed to achieve this. You may then want to give additional training to some employees or hire external skills to fully benefit from the new capabilities.
How to plan for your digital future
If you want to know more about how to plan for your digital future then I recommend you download my white paper, which goes into a more detail on this subject: Advanced analytics and the digital transformation of industrial manufacturing.
Do you have questions or comments about advanced analytics?
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Sylvia Rose Gatchalian
In doing business, productivity is very important. Ideally, achieving a lot every time you do something is the goal so that you again set a higher standard.