Featured Image

Manufacturers to Spend $19.8 Billion on Data Analytics by 2026

"The challenges are not necessarily capturing and analyzing data, rather what to analyze in the first place,” says ABI Research. Data management and data analytics continue to become an essential part of how manufacturers conduct business...
by External Contributor
May 21, 2020

"The challenges are not necessarily capturing and analyzing data, rather what to analyze in the first place,” says ABI Research.

Data management and data analytics continue to become an essential part of how manufacturers conduct business. In fact, this market will reach $19.8 billion in sales by 2026, according to ABI Research.

“For many manufacturers, there is an appreciation that operational decisions need to be based on empirical evidence rather than guesswork," explains Michael Larner, Principal Analyst at ABI Research.

"The challenges are not necessarily capturing and analyzing data, rather what to analyze in the first place,” added Larner. “The findings need to have a meaningful impact on operations and so manufacturers need to take a step back and devise precise objectives.”

The report recommends that manufacturers" engage suppliers to help them prioritize activities and shape projects."  The report cites examples of using data analytics to increase production, improve quality, or reduce waste.

Analyzing data has become more sophisticated with newer technologies such as artificial intelligence (AI) and machine learning. The report points out that suppliers' are now able to not just report data but also predict outcomes and make recommended actions.

Other developments in the arena, such as the advent of no-code/low code platforms allow staff not to have to be data scientists to utilize analytics in their roles, the report states

 “While manufacturers have spent decades refining their physical production lines, today they need to expend effort in optimizing their processes for collecting and analyzing data," Larner concludes. But data should not be collected just for the sake of it.

THIS ARTICLE WAS ORIGINALLY PUBLISHED BY INDUSTRY WEEK ON MAY 21, 2020.

PicturePicture
Author
External Contributor
Recent intelligence News
Suppliers throughout the Department of Defense supply chain received memos this fall from their biggest customers mandating they demonstrate steps taken toward obtaining cybersecurity certification, or lose out on new contracts. For many small...
May data signaled a slightly softer, but nonetheless severe, contraction in U.S. manufacturing output. The decrease in output was largely driven by a further weakening of client demand and lower new order inflows from both domestic and foreign customers...
Jan de Nijs oversees Lockheed Martin’s manufacturing production data collection and management at the F-35 plant in Ft. Worth, Texas and is team leader within the Lockheed Martin Digital Transformation Program. In 2019, he was awarded the prestigious...
IHS Markit compiles data from the Purchasing Managers’ Index (PMI) for more than 40 economies worldwide. Monthly reports are derived from survey data collected from senior executives at private sector companies. This month, private sector firms in the...
The University of Michigan’s Consumer Confidence Index fell from 101 in February to 72 in April. University analysts state that a collapse in confidence stemmed from concerns around personal finances and the national economy – both related to fallout...
Similar News
undefined
Intelligence
By Tim Shinbara | Feb 12, 2021

Company knowledge and expertise is a strategic asset and a source of competitive advantage in business. Knowledge management technologies, processes, and applications enable a company to identify, collect, store, evaluate, retrieve, and share digital...

4 min
undefined
Technology
By External Contributor | Jan 12, 2021

The fixed assembly line has served us well for more than a century, and yet we could unlock a new level of productivity by embracing the unpredictable nature of organic systems. But first, we have to learn to let go...

4 min
undefined
Technology
By External Contributor | Jan 19, 2021

The urgency of science has never been greater, according to Dario Gil, director of IBM Research. Gil was referring to the race to develop a vaccine for Covid-19, but this urgency is not going anywhere, he said, citing problems on the scale of climate...

5 min