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Research and Analytics in Manufacturing: Transform Comprehensive Insight into Action and Value
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Posted On :
Jan-10-2012
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Article Word Count :
356
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Analytics has gone into improving the effectiveness of marketing efforts, designing of financial products and raising the bar for customer satisfaction.
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Analytics has gone into improving the effectiveness of marketing efforts, designing of financial products and raising the bar for customer satisfaction. The relevance for analytics has grown significantly across industries in recent times because of a highly dynamic market. However, not all industries are making the most of it. Manufacturing is one industry that has shied away from employing analytics to improve its business.
In a study by Ventana Research in July 2011, of 682 manufacturers, only one-third of the surveyed confirmed deploying data analytics. The same research found that companies that had set up business analytics effectively were seeing positive results through innovation and an increase in operational effectiveness. Data analytics, such as employing pattern-matching algorithms and other analytical tools, were found to have prevented situations such as supply chain bottlenecks. A key takeaway from the study: The timely sharing of manufacturing information across a company must be looked at from a strategic point of view for companies to realize benefits.
The benchmark research by Ventana demonstrates that manufacturers have not yet automated data integration and analytical operations to the optimum extent in order to generate desired results. Although most organizations know that successful Research and Analytics can provide a competitive edge in the marketplace, the management of data is more of an afterthought to most. Business analytics can provide a clearer picture of operations, faster alerts with regard to product tracking, better insight into market demand and optimized performance.
Adaptive Manufacturing is Vital
Manufacturers are recognizing the importance of predictive and forward-looking analytics. Earlier, products were manufactured and then tools such as sales and marketing were employed to sell these products. Today, companies first estimate the demand for a particular product and accordingly plan out manufacturing. The entire manufacturing process is focused on being 'adaptive' – where the sales forecast and expected demand is updated regularly. A Demand Driven Supply Network (DDSN) implies flexibility across the supply chain network, and this essentially means optimizing manufacturing operations. Creating an adaptive manufacturing operation means that the closed loop life cycle, such as production, evaluation, exception, resolution, compliance and continuous forecasting are tracked closely.
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Article Source :
http://www.articleseen.com/Article_ Research and Analytics in Manufacturing: Transform Comprehensive Insight into Action and Value _131596.aspx
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Author Resource :
Click here to read entire article: http://bit.ly/xvVou3
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Keywords :
Ventana Research, Data analytics, BPO, Outsourcing, WNS, F&A, DDSN, Fragmented systems,
Category :
Business
:
Business
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