To keep up with the rapid changes and latest developments in the global market, manufacturing industries must leverage business intelligence solutions. The manufacturing industry is more volatile and fragmented, thanks to increasing connectivity and globalization. Furthermore, the manufacturing companies need to adopt business intelligence and analytics tools and solutions to gain actionable insights and improve their decision-making process. Business intelligence helps the organizations to achieve agility in manufacturing processes; thereby, driving cost saving opportunities and positively impacting the bottom-line. Business intelligence and analytics is the answer to solve the challenges of the manufacturing industry.
Manufacturing Industry and Its Challenges
The manufacturing industry across the globe is not only complicated but also complex in terms of production, operations, and management. To maximize profits, the manufacturing companies must streamline their processes, eliminate production waste, optimize
inventory levels, and devise time management strategies. The industry faces several challenges in terms of the complex network of suppliers and customers, minimizing costs, monitoring outsourcing processes, maintaining the after-sales service quality, and diminishing profit margins. The manufacturing companies also face a tough time in adopting technologies to ensure efficient supply chain management. The lack of advanced manufacturing technology decreases the efficiency of production operations and increases procurement costs. To drive profitability, business intelligence is the answer to all the manufacturing problems and challenges.
The Need for Business Intelligence in the Manufacturing Industry
Big data has changed the way most industries operate across the world. Business intelligence has changed the manufacturing processes and information procurement; thereby, revolutionizing the industry. The companies are a data warehouse in itself, with information available across the systems in different forms. The manufacturing companies have a wide range of information available to them from several enterprise resource systems, suppliers and related costs, real-time information, customer communications, financial data and industry trends and developments. The application and benefits of business intelligence are ubiquitous in the manufacturing industry; thereby, leveraging insights through BI technologies and devising strategies. Why is business intelligence so important, you ask? Here’s why.
- To manage and utilize the organization’s data warehouse and gain actionable insights to ensure regulatory compliance and improve business performance.
- To effectively manage large amounts of structured and unstructured data from various supply chain touchpoints such as distributors, suppliers, customers, and market insights.
- To improve operational efficiency and increase the effectiveness business processes and systems by analyzing the expenditures and ensuring cost effectiveness; thereby, driving profitability.
