How is data analytics transforming the manufacturing space?

With the increasing availability of advanced analytics tools and technologies, manufacturers are better equipped than ever before to harness the power of data and drive their businesses forward. A read on...

- Piyush Somani

The manufacturing sector has seen a blazing expansion recently, mainly due to the increasing adoption of contemporary technology post-pandemic and Industry 4.0. A recent report by Research Dive states that the international smart manufacturing industry will reach $303 billion by 2026, with a CAGR of 6.4%. (researchdive. com). One of the key drivers behind this rising development is Data Analytics. Using the available data and tracking it in real time forms the basis of any automation procedure in manufacturing, and thus holds the utmost value.

Decoding ‘Connected Factory’

In this aspect, the term ‘Connected Factory’ is the buzzword around which the future of manufacturing will revolve. All the devices and elements of a manufacturing unit will be able to communicate clearly the interconnection of sensors and devices with machine software, applications and the Industrial Internet of Things (IIoT). This will ultimately improve the transparency in each process on the factory floor.

Why has data analytics become an increasingly important tool for manufacturers? The manufacturers are looking to optimise their operations and improve their bottom line. By collecting and analysing data on everything from production processes and equipment performance to supply chain logistics and customer demand, manufacturers can gain valuable insights into their operations and make data-driven decisions that can improve efficiency, reduce costs and increase revenue.

Live monitoring and improved production process