In the manufacturing sector, it has become essential to stay competitive by making smarter and faster decisions on a wide range of industry-specific needs, such as forecasting production downtime. At the same time, U.S. manufacturers lag behind many of their foreign counterparts in using big data to gain an edge on competition and achieve revenue goals.
Why is this important? Big data (i.e., extremely large data sets that may be analyzed computationally to reveal patterns, trends and associations) in combination with predictive analytics can help you reveal where potential weaknesses exist in your supply chain, which is highly actionable information. Ultimately, results from the data can potentially improve your company’s revenue and streamline its manufacturing process, resulting in a leaner operation.