Data is crucial for the success of any business. In order to utilize the data for actionable decision making, data analysis must deliver information that is timely, accurate and trusted. Many manual processes lead to inconsistent data and errors, causing cost overruns and imperiling regulatory compliance. To save time and aid in efficiency, industries are leaning on digital transformation technologies as companies make the move to real-time data collection.
However, industrial manufacturing companies are still slow to adopt advanced technologies like AI and IoT. While companies have adopted these technologies for some departments, most have not implemented them across the enterprise, leaving gaps of productivity, efficiency and cost control.
Our new report, The Challenge of Turning Data into Action, found that nearly half (48%) of manufacturing companies use spreadsheets or other manual data entry documents. As a result, only 12% are able to take action on their data insights automatically.
A big player in the digital transformation of industrial manufacturing is Industrial IoT (IIoT), accounting for more than $178 billion in 2016 alone and proving critical to providing companies with a competitive edge, according to Forbes.
We found that 44% of manufacturing professionals stated that less than half of their company’s manufacturing process is outfitted with industrial IoT technology. But, IoT can be a game changer for many businesses.
What’s At Stake?
Despite the importance of this data, older processes like spreadsheets or standalone solutions remain in many manufacturing organizations. Data collection for manufacturers focuses on quality assurance (67%), operational efficiency (64%), labor time (63%) and cost of materials (63%) — all vital aspects of maintaining efficiency in the manufacturing industry. But for more than one-third of these manufacturing companies, they can’t make informed decisions on such matters due to a lack of trust in the data.
Turning Data into Action
Over three quarters (76%) of respondents said in order to take immediate action based on collected data, they need software solutions that analyze data in real-time. Manufacturers crave simple, reliable solutions to keep data timely and accurate. They noted that such a system could offer more efficient ways to communicate updates to people on the line as well as put all data into a single platform so information can be viewed quickly and accurately.
Plutoshift offers an asset performance management platform for a variety of process industries, including food, beverage, water and chemicals. We bring together data on one easy-to-use platform, contextualizing the information and measuring the bottom-line financial impact.
Download the full report here to read more about the challenges facing the manufacturing industry and how PlutoShift services can streamline data collection.