Manufacturing is embarking on a data-driven revolution, but as with all transformations, realizing its full potential will take the right actions, both individually and collaboratively. Within a few years, manufacturers will collaborate in hyperconnected value networks where data and analytics technologies will drive competitiveness, new consumer experiences, and societal and environmental impact.
Indeed, data and analytics are critical to realizing the “Factory of the Future” because they allow transparency, prediction, and augmented and autonomous systems.
Already today, leading manufacturers are leveraging data and analytics to meet their performance, sustainability, and resilience goals. The imperative to increase efficiency and productivity is motivated by extreme cost pressures as well as liquidity concerns resulting from market disruptions caused by the COVID-19 pandemic. Many businesses prioritize sustainable operations – 79% have set a net-zero target, according to a recent Boston Consulting Group (BCG) survey of over 1,700 manufacturing executives. Simultaneously, businesses are attempting to create more robust and connected supply chains in order to predict and react more quickly to disruptions.
The majority of businesses are aware that data and analytics are transforming the way they produce products. 81% of survey respondents report having introduced at least one data and analytics use case, and 72 percent report that the value of data and analytics has risen over the last three years.
Despite their lofty goals and compelling value propositions, businesses have yet to realize the full potential from their analytics initiatives. Currently, only 16% of manufacturing executives report that their business has derived value from data and analytics. While the majority of companies have deployed at least some use cases, only 37% have scaled applications outside particular areas of a factory.
One factor is the focus on data. That may sound like an oxymoron, and it is. The holistic purpose of what your business needs is lost when you focus too much on the data and how it should be made available.
Instead, Makoro™ focuses on the value that your data can deliver to your business. Specifically in terms of predictions, insights and recommendations, thereby providing companies with the agility and capacity to foresee. It helps in planning for changes in process efficiency, employee engagement, and asset performance.
This results in a rapid increase in decision-making continuity and transparency.
Leaders who adopt Makoro™ report an increase in operational agility between 21% and 35%.