Resources > Articles

Pragmatic Peek: Manufacturing companies are increasingly turning to data

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

    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

Real-World Data Challenges for Business Leaders
Article

Real-World Data Challenges for Business Leaders

Advancements in data collection and analysis are constantly reshaping the business landscape. This transformation has shifted the role of data management and utilization from a mere support function to a fundamental cornerstone of most business...
Category: Data Science
Article

The Pragmatic Data Insights Model: A Blueprint for Data Success

In the fast-paced world of data analytics and business intelligence, achieving actionable insights from data can be a challenging endeavor. Many data projects face disconnects between data teams and business leaders, leading to unclear goals...
Category: Data Science
Crafting Data Stories: The Intersection of Art and Data Science
Article

Crafting Data Stories: The Intersection of Art and Data Science

Editor’s note: This conversation has been lightly edited and condensed for clarity. “Data visualization is about adding a visual channel to make the data more memorable and comprehensible. We remember things in images and stories;...
Category: Data Science
Demographic Bias in Data
Article

Demographic Bias in Data

Demographic bias in data occurs when datasets don’t include information from a broad, diverse group of subjects. For example, a company might collect information from 100 people, 90 of whom identify as male and 10...
Category: Data Science
3 Emerging Roles at the Intersection of Data and Business
Article

3 Emerging Roles at the Intersection of Data and Business

The rise of AI doesn’t have to spell doom for data careers.  In our latest Data Chats podcast episode, Favio Vazquez, senior data scientist at H2O.ai, not only provides reassurance to data professionals but also...
Category: Data Science

OTHER ArticleS

Real-World Data Challenges for Business Leaders
Article

Real-World Data Challenges for Business Leaders

Advancements in data collection and analysis are constantly reshaping the business landscape. This transformation has shifted the role of data management and utilization from a mere support function to a fundamental cornerstone of most business...
Category: Data Science
Article

The Pragmatic Data Insights Model: A Blueprint for Data Success

In the fast-paced world of data analytics and business intelligence, achieving actionable insights from data can be a challenging endeavor. Many data projects face disconnects between data teams and business leaders, leading to unclear goals...
Category: Data Science

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.

Subscribe

Subscribe

Training on Your Schedule

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