Resources > Articles

Pragmatic Peek: Manufacturing companies are increasingly turning to data

Post Author
  • 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.

Author

  • 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.

Author:

Other Resources in this Series

Most Recent

Woman Celebrating Great Customer Experience
Article

Create Data-Driven Emotional Connections with Customers to Drive Revenue

By leveraging data, businesses can create emotional connections with their customers that drive revenue and build loyalty. In this article, we'll explore some real-world examples of how data is being used to create emotional connections with customers. 
Category: Data Science
Analyzing electronic document
Article

The Future of Finance: How Data Analytics is Unlocking New Opportunities

According to a recent PwC report, “About 60% of respondents to the PwC and ACCA research believe self-service reporting and automation will free up business partner time, taking transactional and compliance responsibilities off their hands
Two hands engaged in a handshake
Article

How Data Partnerships Can Help Your Company Scale

In today’s business landscape, the role of data has become increasingly important. Companies are constantly seeking ways to collect, analyze, and utilize data to gain a competitive edge.  One way that companies are leveraging data
Category: Data Science
Working in Silos Can Be Harmful
Article

Breaking the Cycle: How to Deal with Data Hoarding in Your Organization

Data hoarding, also known as information hoarding, is a common issue that plagues many organizations. It occurs when team leads or other individuals in positions of power or knowledge withhold important information from their colleagues
Category: Data Science
Woman Examining Data Trends That Will Dominate 2023
Article

Looking Ahead: Data Trends That Will Dominate 2023

Data analytics has revolutionized business decision-making, unleashing a storm of new opportunities impacting every part of the business, from identifying customers to minimizing churn.
Category: Data Science

OTHER ArticleS

Woman Celebrating Great Customer Experience
Article

Create Data-Driven Emotional Connections with Customers to Drive Revenue

By leveraging data, businesses can create emotional connections with their customers that drive revenue and build loyalty. In this article, we'll explore some real-world examples of how data is being used to create emotional connections with customers. 
Category: Data Science
Analyzing electronic document
Article

The Future of Finance: How Data Analytics is Unlocking New Opportunities

According to a recent PwC report, “About 60% of respondents to the PwC and ACCA research believe self-service reporting and automation will free up business partner time, taking transactional and compliance responsibilities off their hands

Sign up to stay up to date on the latest industry best practices.

Sign up to received invites to upcoming webinars, updates on our recent podcast episodes and the latest on industry best practices.

Training on Your Schedule

Fill out the form today and our sales team will help you schedule your private Pragmatic training today.

Subscribe

Subscribe

Training on Your Schedule

Fill out the form today and our sales team will help you schedule your private Pragmatic training today.