Data and Analytics in the industrial revolution

31 January 2024

The manufacturing industry, which has played a leading role in the world's economies for a long time, is constantly developing. Using raw materials to create valuable products is defined by continuous innovation. Today, however, the most important resource is not something you can touch, but data.

Data and analytics are revolutionizing the manufacturing industry. The use of advanced technology is revolutionizing the way manufacturers source raw materials, optimize work processes, and deliver products.

The modern manufacturing industry utilizes complex systems that generate numerous data points, enabling valuable business conclusions even without specialized IT knowledge.

With modern ERP, manufacturers can go beyond traditional data analysis based on a closed loop. Instead, you can use five types of analytics to create a complete cycle of understanding, predicting, and correcting results:

  1. Descriptive: It helps to understand why something happened.
  2. Diagnostic: Reveals important bugs to repair.
  3. Predictive: Shows what might happen based on historical data.
  4. Precursive: Describes actions to be taken.
  5. Forecasting: Estimates the timing and progress of future events in the system.

Data infrastructure and machine connectivity are crucial for efficient real-time data usage, fostering a culture of data-driven decision-making and innovation.

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