Data-Driven Manufacturing: How to Capture, Analyze, and Use Data for Better Business Decisions

Manufacturers are constantly looking for ways to optimize their operations and stay ahead of the competition. One key strategy that is gaining traction is becoming data-driven. By leveraging data effectively, manufacturers can make better business decisions and improve their overall performance.

The process of becoming data-driven consists of three critical steps: capturing the data, analyzing the data, and turning the data into actionable insights. This approach allows manufacturers to identify key performance indicators, centralize their data, and use computational algorithms to identify problems and opportunities for improvement.

For example, a consumer goods manufacturer looking to increase production capacity and reduce costs can use production data such as OEE, machine downtime, and production yield to identify bottlenecks and inefficiencies. By analyzing supply chain data, they can explore ways to increase efficiency and optimize their processes.

With the help of artificial intelligence and predictive analytics, manufacturers can gain valuable insights into different courses of action and make informed decisions to drive their business forward. By aligning their business goals with their data, manufacturers can stay agile and competitive in the ever-evolving manufacturing industry.

To help manufacturers on their journey to becoming data-driven, experienced data professionals like those at Eide Bailly LLP can provide guidance and support in defining key goals, organizing data, and taking businesses to the next level. With the right strategy and resources in place, manufacturers can harness the power of data to drive success and innovation in their operations.