According to ABI Research Manufacturers will spend $19.8 billion on Data Analytics by 2026.
Data management and data analytics are becoming an essential part of how manufacturers conduct business. More and more software solutions get implemented which generate data that can be used to make more calculated decisions to help with for example the forecast and supply chain efficiency.
While the focus on data collection is increasing every year, it is becoming very clear that not all manufacturers know how to analyze this data. Without the right knowledge, algorithms and tools you will end up with so much data it will actually be contra productive to your business.
‘The challenges are not necessarily capturing and analyzing data, rather what to analyze in the first place’ according to Larner, Principal Analyst at ABI Research. Data should positively impact your operations and to do that manufacturers need to take a step back and devise precise objectives.
Do you want to increase production, improve quality, reduce waste or remove other business obstacles? These are the obstacles the market is facing the upcoming years. Collecting and analyzing the correct data will help you maximize your goals!
Prioritizing activities and selecting projects will give you clarity which data to collect and analyze. The next step will be implementing the right tools and gathering the necessary knowledge needed to complete the selected activities and projects. But how can you collect the correct data from different sources and how can you make sure that this data is in the right format ready to be analyzed?
This is where ECS can help. We can help you analyze your current data infrastructure and see if it is up to the task to complete your selected activities and projects. We will be your trusted partner to make sure you are able to collect and analyze the correct data to boost your business. Our solutions make sure the data is collected the right way from different sources in the right format so that you can start analyzing this data to make more calculated management decisions. Contact us today to find out more.