The manufacturing sector is an industry that is in a constant state of improvement and innovation. With industry leaders always exploring the latest technology in pursuit of greater efficiency and cost-effectiveness, the role of data analytics software for manufacturing companies has grown significantly over the years.
From effectively tracking a production cycle to inventory management to maintaining comprehensive stock insights, data analytics software for manufacturing companies are providing unprecedented insights and driving significant results. In the following sections, this blog explores a few of the benefits of data analytics software for manufacturing companies.
Taking care of the supply side of manufacturing
It’s interesting but something that happens frequently when we discuss the manufacturing sector is the emphasis we place on the final output a given manufacturer is expected to deliver. For example, if you’re a consumer electronics producer, the focus is always on the quality and quantity you’re able to produce in order to facilitate demand. However, how frequently do we place an emphasis on the supply side aspect of this manufacturing process – irrespective of the type of goods being produced?
While it is true that manufacturers would naturally consider the various supply factors that contribute to the whole process, there are many aspects of the supply side that aren’t necessarily focused on in the same way that other aspects of the supply chain are. For example, with limited data analytics, manufacturers will not be able to fully scope the extent to which a supplier is marginally more expensive or of less quality.
However, with a powerful data analytics platform in place like SAS software, you can rest assured knowing that every inch of your manufacturing process is covered. If there’s one component that is costing you a little more than it should or there’s one part that’s not performing as well, your data analytics will tell you precisely what it is.
Extend the lifespan of your equipment and machinery
One area where many manufacturers go wrong is assuming their machines and equipment, no matter how expensive or renowned they are, will never go bad and start to dwindle in performance. Unfortunately, as is the case with most things in life, all things falter at some point.
In the manufacturing space, most equipment maintenance practices take place on a fixed routine with little room for flexibility. A large part of this is due to the fact that most manufacturers rely on preset maintenance schedules provided by the equipment producers themselves. However, the reality is that the lifespan of a given piece of equipment is dependent on basic wear and tear – especially how extensively it is used. With a powerful data analytics platform in play and with the expertise of a team of SAS consultants, manufacturers can set up their equipment insights well in advance and know precisely when a machine or piece of equipment is going to need servicing/maintenance. That’s how far data analytics software for manufacturing companies has evolved.
Navigate the unforeseen waters of external risk
Manufacturing is one of those industries that are highly dependent on external factors like weather and resource availability. A shortage or dramatic effect on one of these fronts and many manufacturers could be looking at years’ worth of losses. This is precisely where the power of data analytics software for manufacturing companies comes into play.
With predictive analytics emerging and growing at such a rate, modern analytics platforms like SAS now have the capacity to forecast such instances well in advance and allow manufacturers the unprecedented luxury of making adjustments accordingly. From tracking adverse weather patterns to monitoring market conditions and prospective resource shortages, manufacturers can leverage powerful data analytics to make decisions that not only drive value, but avert potential disasters as well.
The value of data analytics software for manufacturing companies is all about demand
While I started this article with an emphasis on the supply side of manufacturing, the reality is that ultimately what matters is demand. All manufacturing operations take place to facilitate and support the machine that is consumer demand. If insights and analytics are not up to par, you can be certain that the result of this will be an inefficient and uninformed manufacturing cycle.
Keeping in mind that manufacturing is not just about meeting today’s demands, but the demands for the days, weeks, and months to come is important for all manufacturers. Unfortunately, without the right data analytics, this is incredibly difficult to do. With platforms like SAS, demand forecasts become the norm, allowing manufacturers the insights necessary to guide a production chain and be exponentially more effective in driving and delivering sales. For most companies, having access to these insights is the difference between ensuring strong sales or having an entire warehouse full of unpurchased merchandise.
Remember, the right analytics platforms have the capacity to leverage insights from the past, merge them with existing circumstances, and drive value by predicting future results and demand.
If you would like to know more about our role in the data analytics space, our SAS services, our company and our work with SAS, in addition to how you can leverage our SAS administration, installation, and hosting services, feel free to reach out to us, or stay tuned to this feed.