In today's ever-evolving business landscape, manufacturers are encountering a multitude of challenges, from economic fluctuations to shifts in customer demands.
Uncertainty has become the new norm, impacting various aspects of production. As manufacturers battle with rising raw material costs, supply chain disruptions, and the retirement of experienced staff, the need for innovative solutions has never been more pressing.
One powerful tool that can help businesses in the manufacturing industry not only navigate these challenges but also thrive in the face of uncertainty is data.
In this blog, we will explore how to use big data in manufacturing, to withstand a challenging climate, drive efficiency, and secure your future.
Embracing Digital Transformation
In an article published in October 2022, it was stated that around 80% of companies plan to increase digital adoption in the next two years. The aim: to help boost productivity by investing in new digital technologies.
While this statistic is promising, it also reveals that many companies are unsure of where to start. One in four businesses had no digital plans, and 26% were uncertain about implementation.
Amidst this uncertainty, manufacturers need to understand that embracing technology doesn't necessitate a complete overhaul of existing systems. New technology can often complement and enhance existing processes, minimising disruption.
The Benefits of Accurate Data During Challenging Times
Making informed decisions and acting quickly during a crisis is vital to success - and accurate data is essential. Seeing manufacturing data in real-time allows you to jump on trends and react quickly. This cuts operational spending and boosts profit margin.
Accurate data can help to identify waste, make decisions on what opportunities to take, and recognise where weaknesses lie, giving peace of mind that the decisions being made are backed up by data, instead of being made on assumption.
During challenging times, it can be difficult to decide what action must be taken to ensure productivity continues and your company continues to grow. Businesses that have already invested in their digital transformation and are accessing live, accurate data will be better able to identify threats during a crisis and respond quickly.
ERP software systems provide you with a singular application to run your entire business, giving you valuable insight using big data.
Whether a crisis is a global pandemic, local, environmental, or industry-based, having access to accurate data brings many benefits, helping an organisation to survive in tough times.
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