We all know that data is an essential resource, but using it is a completely different challenge than collecting it in the first place. Here’s what you need to know about today’s manufacturing trends: the industry’s increasing reliance on data-driven insights.
What manufacturers should do: According to NAM experts, manufacturers looking to get the most out of their data should focus on five key steps:
- Understand how to collect data to enable meaningful analysis.
- Improve data governance for quality and security.
- Determine what data is important to your business and operations.
- Learn how to assign values and view data through the appropriate lens.
- Understand how to use data to make business decisions.
Expert opinion: John Petrusik, managing director of NTT’s manufacturing data and analytics practice, says companies need to start by working backwards to some extent and thinking about how their data impacts which business processes. is.
- “Most of us have grown up in a world that thinks of data as flowing from source to consumer, or from left to right,” he said. “In this way of thinking, we have historically generated analysis and insight by first asking, ‘What data do we have?’ But what if we thought about generating analysis and insight by thinking ‘right to left’?”
Resources for you: Looking for data management resources? Start with these NAM products:
- This master class series from the Manufacturing Leadership Council (NAM’s Digital Transformation Division) presents case studies and best practices for data analytics.
- CONNEX Marketplace uses data visualization tools to connect with suppliers and buyers and provides greater insight into your supply chain.
- NAM’s Power of Small newsletter provides small and medium-sized manufacturers with the latest information on advocacy, policy, digital trends, and more. Check it out.
Read the full 2024 Trends Report here.
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