A global economy implies that fair trade can take place across borders to the benefit of both, the buyer as well as the seller, however, from the perspective of manufacturers a global economy simply translates into tougher competition, more demanding customer needs and fast-paced change. In order to succeed in such a competitive environment, companies must produce the best products, faster and at the lowest cost. The only way manufacturers can achieve this would be by creating more efficient and effective processes in addition to integrating technology at each step to further simplify and to bring about quicker and streamlined solution.
Machine learning and the internet is empowering this change to be more productive by making the physical world of the industry more intelligent. Connecting machines to the Internet via software, data is being produced and insight into the manufacturing process is gained. These machines have become part of an intelligent network that can automate information and action to optimize plant floor performance. The factory floor is the nucleus of a company and when properly optimized, it is a competitive advantage. With a greater level of visibility at the plant level, manufacturers can achieve greater predictability in output, cost, and quality. Integrating technology will enable manufacturers to perform better in the following ways:
- Data is Key
All data, acquired from people, processes, and machines, should be put to use to solve business problems and improve processes. Software, facilitated by the Internet can utilize the details created from processes, and turn that data into knowledge; this “Industrial Big Data” should be used to solve business problems and, adjust to the changing business scenario better.
On the other hand, this Industrial Big Data is useful only if Industrial enterprises have the capabilities to make that data accessible and understandable. It starts with collecting, storing and managing large volumes of historical and real-time data sets.
- Predictive Analytics to Help You Make Better Decisions
Intelligence, alone, is not good enough or fast enough in today’s competitive environment. Manufacturers need insight that can only come from foresight. Software’s that analyze data to uncover trends, patterns and behaviors hold the key to helping manufacturers make better decisions. Moreover, having real-time tools to identify problems before they arise holds crucial importance in saving time, money because the precious output is the need of the hour.
- High-Performing Businesses Need High-Performance Computing
As the flow of data increases, there is an increased focus on the value of information results. With more connected sensors and devices generating large amounts of data, the support infrastructure must also expand. As this data increases so does the expected computing power to deliver the value of the information through analytics. Information availability to make an operational decision based on a complete picture requires a high-performance infrastructure.