What is happening with manufacturing growth margins in 2017? In case you missed it, a recent survey from Honeywell showed that many leaders in manufacturing are pushing toward analytics and automation to solve business problems – to the tune of 67% of manufacturers investing in big data and industrial Internet of Things (IoT) technologies. The survey, titled Data’s Big Impact on Manufacturing: A Study of Executive Opinions, was a joint effort between Honeywell Process Solutions (HPS) and KRC Research. It was composed of responses from 200 executives in the manufacturing space. According to the survey’s findings, data analytics is a growing implementation effort for manufacturers, with most respondents sharing favorable views of the benefits of data analytics on overall operational efficiency and productivity. For example, the executives shared they agreed big data analytics can reduce the instances of:
- Equipment breakdowns (70 percent)
- Unscheduled downtime (68 percent)
- Unscheduled maintenance (64 percent)
- Supply chain management issues (60 percent)
Additionally, the manufacturing industry respondents shared they believe data can enable well-informed decisions in real time (63 percent), limit waste (57 percent), and predict the risk of downtime (56 percent). More than two-thirds of respondents (68 percent) said they are currently investing in data analytics, and 50 percent said they believe their companies are right on track in their use of data analytics. Fifteen percent said they believe their companies are ahead of the curve as it relates to data analytics usage.
Big Data Benefits
Innovative Enterprise Resource Planning (ERP) technologies from industry leaders, such as Epicor, pave the way for today’s manufacturers to streamline business processes and break down barriers to growth, while remaining agile for rapid response to customer demands. With big data optimization in mind, progressive manufacturers are tracking, measuring and monitoring all business operations – from the shop floor to the final product – with real-time business analytics bringing actionable visibility to day-to-day plant and business operations.
Why? Benefits of advanced ERP software for big data analytics include boosting efficiency, reducing costs and streamlining processes while growing revenue and increasing profits margins. By providing real-time information to improve plant productivity, improve production quality and elevate customer service, innovative ERP solutions address the real-world challenges manufacturers face as they look to grow in today’s global economy.
Are you ready to optimize big data to make smarter business decisions and increase customer satisfaction? To learn how you can optimize lean manufacturing by leveraging big data advantages, contact the ERP experts at CompuData today!
