Data analytics has changed the rules of the game across different industries. It is leading businesses towards informed decision making and helping them maximize opportunities and cut down on the risks. From retail to health care and financial services, businesses across industries irrespective of their size have improved their productivity, sales and profits using data driven analytics. Manufacturing industry has been one of its biggest beneficiaries and here, we offer some insights on how data analytics helps manufacturing industry.
Accurate Forecast for Product Demand
Accurate forecast about the demand for products and trends in the market is one of the deciding factors for success of manufacturers across different business verticals. With proper data analytics, manufacturing businesses can accurately predict the demand in the market. They can look into all major factors that influence customers’ buying decision and their behavior. This ensures that there is no ambiguity in decisions in relation to the market factors.
Understanding Micro Factors
In a competitive market it is extremely important for a manufacturing business to understand the micro factors that affect the performance of its products. These many include anything from seasonal fall in the demand for products within a limited geography to economic meltdown that requires complete re-strategizing of its marketing campaign. When tons of data is analyzed methodically, manufacturers can have their hands on the pulse of customers.
Tracking Performance of Products
For any multi-product manufacturing company, tracking the performance of individual products in its portfolio is vital to its success. This is often a challenge in industries such as FMCG, clothing & apparels as well as pharmaceuticals, where the volume is huge. IT solutions for manufacturing industries allow the company to streamline its operations and put thrust on performing products.
Improved Product Quality
Maintaining quality standards and improving quality of products on a regular basis is a prerequisite for success in this industry. Data analytics not only offers you sales figures but also offers you an insight into the quality of the products. This can include direct feedback from the customers or trends in sales when you are faced with new competition or have your existing products altered. With near real-time feedback on your products, you would be able to bring in alterations that help improve the product quality, thus offering more value to the customers.
Quantify Production to Performance
Establishing a strong presence in the manufacturing industry requires the business to quantify production to performance. How is the daily production activity adding up to the financial performance of the company? What are the steps that can be taken to increase production and also up the level of quality control? These answers are vital for any manufacturer’s growth in the industry. With data analytics, it is possible to quantify a number of non-tangible factors that are directly related to a company’s performance.
The potential of data analytics and other IT solutions in the manufacturing industry is immense. At Silver Touch, we offer Manufacturing IT Solutions that aim to transform your enterprise. If you want to give your manufacturing business the technological edge, get in touch with us at firstname.lastname@example.org.