Pragmatic Peek: Manufacturing companies are increasingly turning to data

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 product professionals’ best interests to gain an understanding of how they can apply data in their own organizations.

Share on twitter
Share on facebook
Share on linkedin
  • Pragmatic Institute is one of the world’s largest and most-respected product and data training companies on the market. In addition to offering instructor-led online and in-person training, the company also provides hands-on practice, templates and access to an alumni community where professionals can connect with peers around the world. With nearly 30 years of experience in the industry, Pragmatic Institute has successfully trained more than 200,000 professionals at 8,000 companies across six continents.

Pragmatic Institute

Pragmatic Institute

Pragmatic Institute is one of the world’s largest and most-respected product and data training companies on the market. In addition to offering instructor-led online and in-person training, the company also provides hands-on practice, templates and access to an alumni community where professionals can connect with peers around the world. With nearly 30 years of experience in the industry, Pragmatic Institute has successfully trained more than 200,000 professionals at 8,000 companies across six continents.

More from Pragmatic

Related Content

Recommended Content

Trending Content

Training on Your Schedule

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

Stay Informed

Sign up to stay up-to-date on the latest industry best practices. Get content such as:

    • The Pragmatic – Industry insider magazine
    • The ever-growing webinar series 
    • Our world-class podcast series

Subscribe