Dr Simon Kampa, CEO of Senseye, discusses the huge impact of big data and analytics on the manufacturing industry
Data and analytics-There can be few industries where the potential for big data and analytics is greater than in manufacturing. It is an industry that has focused on improving the performance and efficiency of its operations for almost as long as people have been producing things in an organised fashion. With manufacturers facing greater cost pressure and competition than perhaps ever before, it is also one where there is a great need for further improvements.
Large-scale manufacturers have invested a substantial amount of time and money over previous decades in reviewing each and every process in their production efforts. They have constantly tested new ideas and ways of working to boost quality, improve cycle times and reduce production costs.
But while most of the improvements made through approaches like Six Sigma and lean manufacturing have been incremental, the move towards smart factories and the growing use of data that has accompanied their advent of Industry 4.0 presents manufacturers with an opportunity to achieve a step-change in the way they manage their operational environments.
The step-change on offer, which requires greater collaboration between the operations and IT departments, has been made possible by connecting manufacturing assets to the Industry 4.0. We are seeing the rise of smart factories, where data, analytics, automation and cloud technologies work hand-in-hand to make production processes more efficient, agile and responsive. It is a movement that the consulting group Capgemini expects to deliver $500 billion annually in added valuearound the world within the next five years.
IoT ushering in the era of physical/digital convergence
Putting data and analytics to work for manufacturers
Our interest in manufacturing data and analytics is in predictive maintenance, a practice that relies on analysing data produced by industrial machinery to spot the vital signs that show when monitored assets will fail in the future.