Many companies still use conventional methods for data management and base their business and operational decisions on traditional observation methods, which, in many cases, are far from being based on accurate data. Using these types of methods can lead to an “after the fact” analysis with outdated information and lead to decisions that are not accurate enough.
The industrial sector is undergoing a digital transformation, what we call Industry 4.0, as there is an urgent need to go beyond legacy systems and gain end-to-end supply chain visibility, for which the use of new technologies marks a turning point.
Faced with a changing business environment, manufacturers must adopt emerging technology to remain competitive, this is where Business Intelligence plays a fundamental role.
What is Business Intelligence?
Business Intelligence (BI), refers to the use of strategies and tools that serve to transform information into knowledge, allowing the operation of a company to be analyzed transversally, with the aim of improving the decision-making process.
In the midst of the digital age, making well-informed decisions is one of the main differentiating factors of companies. In this post we are going to explain how Business Intelligence can improve your manufacturing processes.
Benefits of Business Intelligence in the Manufacturing Industry
Business Intelligence offers companies the possibility of taking information and data that could previously be isolated on the production floor, and assimilating it into a suitable access source. There, individual departments can access the information they need to make decisions relevant to their area. At the same time, supervisors and management can verify that overall systems are running at peak productivity.
While companies often pay close attention to equipment maintenance and staff training, they often do not apply the same dedication to their Business Intelligence processes. These gaps in data collection and evaluation can lead to production delays and cost overruns.
However, the right information at the right time can generate multiple real benefits:
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End-to-end supply chain visibility
In the aftermath of the pandemic, retail stores faced out-of-stock situations, understanding the importance of the supply chain.
With supply chain analytics and data modernization, strategy and data managers can establish end-to-end supply chain visibility and properly prioritize customers, suppliers, and partners, while They eliminate data silos.
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Operational efficiency
Tracking the performance of each machine and department allows managers to reduce and correct errors during the production cycle. Shipping and receiving can also identify the need to order raw materials for optimal efficiency and increase the ability to meet just-in-time order demands.
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Productivity management
Management can use business intelligence to track downtime by employee, machine, and department, determining where changes need to be made. Predictive analytics can be used to anticipate and avoid potential production bottlenecks and ensure continued productivity.
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Inventory control
Goods and materials found in inventory can be a huge budget drain. The trick is to use Business Intelligence to ensure that the right raw materials meet production requirements and that there is enough inventory on hand to meet customer needs.
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Manufacturing cycle tracking
The manufacturing cycle must be as short as possible to maintain profitability while still allowing the production of a quality product.
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Quality standrads
Managers need to know how many components are manufactured to standards and how many end up as waste. Reducing the cost of lost or defective products can indirectly help overall profitability.
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Team monitoring and effectiveness
Equipment must operate at peak efficiency with minimal downtime for maintenance or production delays. Team performance management allows you to track metrics to monitor and improve overall team efficiency.
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Compliance Management
Many manufacturers must meet safety and performance requirements. Business Intelligence provides the knowledge that enables the manufacturer to maintain compliance standards.
The most important role of BI in improving manufacturing processes is that monitoring and augmentation of all individual components leads to long-term profitability improvement.
The Role of BI Software in Manufacturing
By its very nature, manufacturing is now seen as a very data-driven process. Therefore, manufacturing intelligence requires tools to gain better insights into managing costs, operations, and profitability.
With business intelligence software, these same companies can amass and evaluate data and make it immediately accessible to those who have the means and opportunity to take immediate action.
In manufacturing processes, BI to effectively and cost-effectively coordinate raw materials and internal resources to meet customer quality and delivery demands.
Apply Business Intelligence with Nexus Integra
Nexus Integra offers a single operations center that allows you to control, monitor and manage all geographically dispersed facilities, assets and production plants, in a simple, fast and autonomous way. It thus becomes a powerful tool to achieve industrial digital transformation.
Thanks to Machine Learning, which incorporates specialized algorithms and Artificial Intelligence, you will obtain advanced analysis of the production process in an easy, intuitive and scalable way. Make decisions based on accurate data.
What are you waiting for to optimize your processes and increase efficiency?
