How business intelligence and analytics strategies can help manufacturers?

Manufacturing is one of the complex industries that rely heavily on data and machinery tools. The industry sits at the forefront of innovation leveraging cutting-edge technologies to improve performance and yield. Many manufacturing companies use data intelligently along the value chain to gain a competitive edge. But for most, effective data processing could be challenging. Leveraging data analytics, business intelligence, and artificial intelligence technologies can be decisive for companies seeking to gain efficiency.

Smart manufacturing companies use real-time data generated from IoT and sensors to lower lead times, reduce errors, speed time to market, and bolster productivity.

Translating Data into Insights

Making the most out of data is still a challenge for businesses across diverse industries. The same challenge goes with manufacturers as well. Adopting business intelligence and analytics technologies in manufacturing provide manufacturers timely and flexible visibility across the production lifecycle, driving agility and efficiency.

According to a recently published study from Dresner Advisory Services, 89% of the manufacturers who embraced analytics and BI initiatives consider them successful and outstripping their peers in comparable industries. The study further revealed that 49% of manufacturers anticipate their analytics and BI budgets to surge year-over-year, while 62% reported self-service BI was essential to their businesses in 2020. The major reason of business intelligence and analytics strategies in manufacturing is to improve operational efficiencies that reduce costs, boost revenue and enhance decision-making, as per the study.

With business intelligence and analytics technologies, manufacturers can achieve transparency along the entire value chain. They can improve sales forecasting and demand management, and analyze production costs beyond work plans and bills of materials.

Analytics and BI technologies can enable manufacturers to:

• Assess capacity and material requirements more precisely.
• Keep control over the performance of their supply chain.
• Keep an overview of delivery reliability.
• Analyze the capital employed in warehousing and production.
• Strengthen collaboration between workers at various locations and intensify cooperation with partners and more.

Why Manufacturing Needs BI?

Previously, capturing data and then analyzing them to pull out germane insights were very challenging as they needed to separate data via numerous spreadsheets. But the advent of ERP (Enterprise resource planning) systems made this process simpler. An ERP system can assist manufacturing companies to manage their operations and create customized reports to make better decisions. Most manufacturers already use ERP systems to manage their operations. They also have a built-in system in place that is a central repository for all of their data, making it easy for them to use business intelligence to improve their operations. As using BI to improve operations can have a major impact on a business's bottom line, ERP software can help manufacturers to reduce both operational and administration costs.

There is a growing number of business intelligence software available for manufacturing businesses. Integrating the right software can help grow the manufacturing business tremendously over peers. Some best manufacturing BI software include ClicData, Dundas BI, Domo, Incorta Data Analytics, Sigma, Sisense, Stratum, TIBCO Spotfire, TARGIT Decision Suite, Yellowfin, Rivery, TrenData and more.