Why big data is the new currency in manufacturing
Forward-thinking manufacturers are transforming their businesses. At the center of their quest is data. Why? The business opportunities of big data are big!
More than any other industry, with its extensive investments in capital goods and fixed assets, manufacturing stands to benefit the most from the value big data can provide. The potential gains are so high that big data is being called the new currency.
An IDC study, commissioned by Microsoft, found that the manufacturing sector stands to gain $371 billion in value from data analytics in the next four years. At Microsoft, we refer to this as the Data Dividend.
So, where are the biggest opportunities to cash in? Here are the four high-value areas identified in the study:
• Employee productivity – running highly automated manufacturing plants, where robots, devices, sensors, and software are connected increases productivity exponentially.
• Operational improvement – improving operational efficiencies and lowering costs using predictive analytics; whether condition-based maintenance, better energy management, or improved asset management – saving millions.
• Product innovation – using data to drive business growth with smarter product planning and innovation.
• Customer engagement – building better customer engagement models and uncovering new service offerings like using predictive analytics to deliver condition-based maintenance services.
More than half of the companies participating in the study expected to generate new revenue streams from big data projects, and more than a third anticipated an increase in operational efficiencies from those initiatives. Read more about the $371 Billion opportunity for “data smart” manufacturers.
Early adopters that are implementing data-smart strategies are already witnessing the transformative effects. See how Microsoft’s big data and analytics solutions are helping ThyssenKrupp Elevator, Advanced Micro Devices and Kuka Robotics achieve big gains for their businesses. These examples help underscore why big data is being seen as the new currency in manufacturing.
Ready to experience big results from big data but not sure how to start? Download the Microsoft big data overview. Share the Microsoft big data solution brief with your IT team. Contact me at sanrav@microsoft.com.
Twitter at @MSFTmfg
LinkedIn: Sanjay Ravi
Twitter: @sanrav
