Use of Analytics In Manufacturing Industry

In developing countries Manufacturing industries are playing an important role to produce new employment options for the population of the country and hence stabilizing the economies of the country. Therefore growth of the manufacturing companies in terms of productivity is very important. The first important assets of industry is man power and after that the raw material. But day by day raw material is getting more expensive and with increase of population the raw material sources are becoming issues. In short increasing productivity in less production cost is a big challenge for the manufacturing industry. But it is also necessary to increase the productivity for economic growth. This situation can be tackled by knowing the exact need of market and investing the man power and raw material to satisfy that market requirement. But for this you first need to collect the information or data of the market behavior and you need to analyze that data to check the behavior of consumer to predict the market need. Data analysis is very clever way to know the market requirement and plan the production strategies according to them. Every manufacturing industry need to use this mountain of intelligence to make their position secure in global market. It is essential in efficiency gains and uncovering new insight to drive innovation and achieving productivity.

With the help of gained information by the analysis manufacturers can discover new information and identify patterns that enable them to improve processes, increase supply to the consumers and identify difficulties that affect production. By this identified pattern we can find the faults in our manufacturing strategies. The profit of manufacturing industries is mainly relay on maximizing the asset performance gains, the value of assets and productivity improvements. By the same time it also depends on the reduction in cost of production. It is also important to prevent our product from getting spoiled as it can lead towards the losses. The product can get spoiled because of many reasons like bad storage and packaging style, product running out of date, mistakes in transportation and many more. We can prevent some of this from happening like product running out of time can be only caused if we could not able to sell it in time because no need of it in market. By the analytical information we can predict the requirement of market and on the basis of that prediction we can manufacture the only required amount of products. This can save us time, resources and money which we can use for the production of required product. And by doing this we can produce the required product to the market and earn the considerable amount of profit.

The company who can produce the right product at right time and provide it to customer when they truly need it can definitely make their place in global market and can give a tough competition to all the competitors. This can only happen if we analyze the market situation and customer behavior closely. Analysis of market can be easy with the treading and ground breaking technologies like Internet of Things, Block chains and Artificial Intelligence. The biggest example of the Internet of Things is sensors which can collect the data of ever seconds and in some cases the data of every millisecond. This type of data gives us a deep insight of market by which we can predict every condition of market, can notice the behavior of customer. This information can be used as a perfect viewpoint while making strategies of manufacturing.

In this highly developed and changing world trends also changes every day which means we need to plan manufacturing strategies dynamically to keep up with trends. Because out of trend products cannot survive in the trending market. To tackle this we need to analyze real time data. Real time data will help us to keep with trends and grow with the changing marketing environment. Collecting real time data is huge task as it need to constant touch of consumers. But this becomes very easy as Smartphone market is growing very vastly throughout the globe. People use their smart phones for much purpose like booking the tickets, finding restaurants and browsing the information about new topic of their interest. By all of this we can notice the behavior of individual customer. With this analysis we can produce right product at right time and can earn the considerable amount of profit

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