Over the past several years, organizations have become increasingly more tech savvy and are rapidly leveraging the Big Data, AI, and IoT space to ride the wave and be at the forefront of competition. From retailers to manufacturers, companies believe that this strategic and deterministic approach of adopting new cutting-edge technology will overcome their evolving challenges and drive productivity, asset optimization, cost savings, and new revenue. Sure, these outcomes and many others are the end goals for most, but does becoming just data rich result in a competitive advantage or leadership in the market? With this plethora of data now at hand, how are they going to address the underlying dynamic challenges which impact their operations and top-line revenue?
For example, some of the major challenges faced by manufacturing industries today, range all the way from:
- human dimension (e.g. skills, compensations, etc.);
- natural forces (e.g. weather);
- regulations and restrictions (e.g. government policies and practices);
- environmental issues and compliance (e.g. waste, pollution, etc.) and;
- market dynamics (supply and demand).
Capturing data in each of these areas is certainly of great importance, but it is worthless if actionable insights cannot be derived from it! Individual data points will only help in resolving specific issues and may help to build out a business case for further development. However, the question most manufacturers are still struggling with is, how can it all be holistically and seamlessly integrated, and intelligently linked together in a way to strategically arrive at profitable outcomes, especially for the shop floor?
Another part to this equation is that even if manufacturers start gearing towards this, the time to implement such a process will be considerable, and doing so with minimal disruption is a challenge. Contrary to this popular belief, there is a big opportunity to use information and technology to speed and tailor production, engage more intimately with customers, and create new products and services that enable business value and scalability while reducing risk and time-to-market.
A Smart shop floor is all about getting the right information delivered to the right people or machines at the right time to enable better business decisions. Digitizing the value chain by injecting technologies like artificial intelligence, Internet of Things and automation using robotic technologies enable organizations to truly transform internal operations and the services they provide.
To learn more, join us in Ft. Lauderdale next week at the IoT Evolution Expo to find out how we bridge the gap between cutting-edge technology, data and supply chain to unfold the hidden intelligence and value in real-time. I will be holding a session on above topic together with Randeep Nambiar, Co-Founder & COO of Stellium Inc., whose strategic thinking and pragmatic approach helps their clients achieve supply chain and manufacturing excellence.
Thiag Loganathan, President Big Data Insights