Manufacturing Industries

Yes – we have heard about the magic of predictive analytics and how it has helped various companies and industries in predicting the rise and fall of companies’ finances, social media and marketing and such but could the same predictive analytics methods aid manufacturing industries today?

According to Bala Deshpande’s article, manufacturing industries are not entirely oblivious to the idea of collecting data. As a matter of fact, you could call them ‘The Forefathers of Data Collecting’. Manufacturing industries have been collecting data for years on the company’s current operations and quality of their products. However, the time has come for manufacturing industries to start digging these data sets a bit deeper to improve their operations so much so that, companies would be able to improve notably their production yield.

The benefits of manufacturing industries engaging in predictive analytics can be seen when the production process becomes even more efficient and cuts unnecessary costs (i.e. unexpected machine failure). Deshpande highlighted a small company in the manufacturing industry that has already started to engage in predictive analytics by installing overhead GPS sensors that notes down the number of workers working on a particular project and if that project requires assembly so to calculate how extensive the machine is being used and predict any machine failures and such.

Whether manufacturing companies like it or not, engaging in analytics is inevitable. Especially if competitive manufacturing companies are using the same predictive analytics to measure how likely they are going to be performing much better than the other companies!