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Pragmatic Peek: Manufacturing companies are increasingly turning to data

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  • Pragmatic Institute is the transformational partner for today’s businesses, providing immediate impact through actionable and practical training for product, design and data teams. Our courses are taught by industry experts with decades of hands-on experience, and include a complete ecosystem of training, resources and community. This focus on dynamic instruction and continued learning has delivered impactful education to over 200,000 alumni worldwide over the last 30 years.

data and analytics in manufacturing

data and analytics in manufacturing

Advanced analytics are considered critical for success in manufacturing and more important than they were three years ago, say three-quarters of 1,300 surveyed manufacturing executives. But only a few companies can capture the full value that data and analytics can unlock to help address their most pressing challenges.

According to the findings in a white paper, “Data Excellence: Transforming Manufacturing and Supply Systems,” from The World Economic Forum and Boston Consulting Group, less than 20% of surveyed participants prioritize analytics to promote either short-term cost reductions or longer-term structural cost improvements. Only 39% have managed to scale data-driven use cases beyond the production process of a single product to achieve a clearly positive business case.

“Manufacturing is on the verge of a data-driven revolution,” said Daniel Küpper, BCG managing director and partner and report co-author. “But many companies have become disillusioned because they lack the technological backbone required to effectively scale data and analytics applications. Establishing these prerequisites will be critical to success in a post-pandemic world.”

With insights from more than 40 manufacturing organizations and leading academics and public-sector representatives, the report outlines six priorities to capture value from data and analytics in manufacturing:

  • Define a data-to-value strategy and roadmap
  • Incent internal and external ecosystem partners
  • Build capability to capture and use data
  • Implement an open platform to unlock
    data silos
  • Enable connectivity for low-latency, high-bandwidth data flows
  • Ensure data security and privacy

“These findings will help accelerate our journey to support companies in devising a path forward to reach the next level of data-based manufacturing excellence; build trust among manufacturers, suppliers, and customers; and unlock new value through the development of new data-driven ecosystems,” said Francisco Betti, head of shaping the future of advanced manufacturing and production at the World Economic Forum.

Pragmatic Take: Data and analytics support businesses in every industry, and it’s in companies’ best interests to gain an understanding of how they can apply data in their own organizations.

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  • Pragmatic Institute is the transformational partner for today’s businesses, providing immediate impact through actionable and practical training for product, design and data teams. Our courses are taught by industry experts with decades of hands-on experience, and include a complete ecosystem of training, resources and community. This focus on dynamic instruction and continued learning has delivered impactful education to over 200,000 alumni worldwide over the last 30 years.

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