Software that brings big data, predictive analytics, industrial internet of things, and mobile first design to manufacturing companies is known as manufacturing analytics. It is more than a business intelligence tool and its purpose is to manage time series data in manufacturing companies on a regular basis. Manufacturing analytics is a single tool capable of handling multiple levels of functions such as supervisory control and data acquisition system (SCADA) Systems, MES, data historians, business intelligence, HMIs (human-machine interface), data logger tools, and various others. Moreover, it helps in analyzing the huge amount of data generated with the internet of things and simplifies it to give better and systematic results. In a recent report by Transparency Market Research (TMR), on the global manufacturing analytics market is expected to rise at a healthy CAGR during the forecast period between 2016 and 2024.
Why there is a Need for Manufacturing Analytics?
One of the best use of manufacturing analytics is having a better understanding of the supply chain. It will help in analyzing the cost per product that is being purchased and to what level it is increasing the overall cost. Manufacturing analytics will help in understanding the cost and efficiency of every single component in the production cycle. It will further help in visualizing the impact of every component and taking a decision if they are not performing efficiently. Another benefit of incorporating manufacturing analytics is it gives timely alerts in case of disturbance or malfunction of the system. Data analytics provide insights for components that fail frequently and keeps the reactive solutions in a ready to use manner.
Manufactures also waste their time due to inefficiency caused by poor installation, misuse, or just a lack of downtime coordination. These inefficiencies can be overcome by connecting IoT systems with the manufacturing lines to get real-time insights. Understanding how much a downtime of a single machine can affect the production chain or how different configuration can improve the overall efficiency of the manufactures. Furthermore, it will also help in making better demand forecast for products and manage warehouse in an effective manner.
Limitations Faced By Installing Manufacturing Analytics?
Various manufacturers are installing manufacturing analytics to enhance their production, but there are certain restraining factors limiting the scope of manufacturing analytics market. Lack of data security and privacy are two major challenges faced by this market. In addition, inappropriate analytical skills, complex system structure, and lack of integration with legacy systems are other difficulties faced by incorporating manufacturing analytics. However, systematic installation and increasing knowledge about the manufacturing analytics will reduce these restraints and increase the demand for manufacturing analytics in coming years.
Companies that are involved in the Manufacturing Analytics Market?
Some of the leading companies operating in the manufacturing analytics market are StatSoft, Inc., QlikTech International AB, tableau software, Inc., Tata Consulting Services Ltd., Sisense Inc., Predixion Software, Inc., and SAS Institute, Inc.
Recently, SECO tools are getting into a partnership with Machine Metrics to expand their customer service capabilities. Machine Metrics’ manufacturing analytics engine will provide SECO and its customers a technological resource for their advancement into Industry 4.0.
Get more industrial insights on Manufacturing Analytics
