More data doesn’t necessarily mean more knowledge. Big data is just that—a lot of data. The ability to put data into context is where real insight is gleaned. Analytics and business intelligence (BI) give manufacturers actionable information about how operations and the business are performing as well as areas for new opportunities and improvement. From the plant floor to the top floor, the people within your business get manufacturing intelligence for more-informed decisions.
- Create One Source of Truth
A 2015 report by Aberdeen Group, The Unified Manufacturing Environment, cited lack of visibility into essential data needed to run [the] organization as the link to many of the biggest challenges facing manufacturers today. Too often there are hundreds—and in larger manufacturers, thousands—of dashboards and scorecards that often are based on different databases or legacy, homegrown and on-premise ERP systems.
It’s time for manufacturers to move beyond contradicting, disconnected analytics-reporting platforms to a single system of record. Cloud-based analytics can deliver one version of the truth in near real time so manufacturers know exactly what is happening on the plant floor and with the business in order to respond quicker rather than trying to catch up with outdated information.
- Drive Improved Financial Performance
How each improvement made over time on the shop floor contributes to improved financial performance is elusive and very difficult to achieve with legacy, homegrown ERP systems. Cloud-based ERP analytics have the ability to bridge the data gap between the plant floor and top floor, giving senior management clear visibility into how the accumulated improvement in production improves profits.
Manufacturers who get the most value from cloud-based analytics and BI are capable of seeing immediately how production cost and quality impact their quarterly and financial performance metrics. Accuracy, speed and insight are gained by having this level of visibility into how production levels are associated with costs which influence financial metrics.
- Speed Time to Market
Manufacturers are constantly under pressure to squeeze more time and costs out of their new product development processes. Predictive analytics can also guide the new product launch process, aligning messaging, product differentiation and the unique selling proposition with exactly what prospective customers are looking for.
- Make Compliance a Competitive Advantage
Compliance to stringent requirements is considered problematic and costly by a majority of manufacturers, but there is an opportunity to use them as a catalyst for greater competitive strength. Specifically, the ISO 9000 standard (section 8.2) states that systems must be in place dedicated to ongoing measurement and analysis of customer satisfaction, quality management internal audit results, and continual monitoring and analysis of metrics related to product characteristics and attributes. Using compliance to this standard as a competitive advantage around quality puts you ahead of competition that may lack compliance focus.
Uncovering the reality of how your manufacturing operation is running starts with a solid cloud-based analytics and BI platform capable of integrating across every area of the value chain. The days of legacy, on-premise ERP systems that deliver marginalized and increasingly archaic, irrelevant information are already gone.
Turn your data into manufacturing intelligence. Download the white paper: Tying the Shop Floor to the ERP System.