Advanced Analytics—Delivering Insights For What Lies Ahead

In years gone by, analytics and reporting have been a function of looking at the past to gain insight into what has occurred. Advanced analytics, however, is forward-looking; projecting what is ahead, allowing businesses to develop strategies more confidently.

It is worth noting that prior to the Industrial Internet of Things (IIoT) era, many businesses had equipment connected to systems that collected data. However, this data was often stored in a siloed manner, or contained in incompatible systems. In other cases, data was merely retained in raw data format, which, until it is processed, organised and contextualised into information, offers essentially no value.

With IIoT, businesses can efficiently collect, create and analyse a depth and breadth of data in a manner that is tremendously effective at identifying opportunities and risks. Armed with the actionable insights that advanced analytics provides, business leaders can reduce costs, improve productivity, model the impacts of changes to operations, and seize growth.

For example, when various assets in a factory have a dependence on one another, downtime of a single piece of equipment can have a significant impact on productivity. With the right systems operating in a connected factory with intelligent machines, the close and continuous monitoring of each piece of equipment allows for preventative and predictive maintenance to be highly effective, resulting in dramatic reductions in both planned and unplanned downtime. 

As discussed in our topic on The Connected Factory, predicting what is ahead, however, is not just a function for your internal environment. The leading manufacturers of the future will be those who integrate with their customer’s systems so they can meet their needs and solve their challenges, potentially before the customer even recognises a problem or opportunity is arising. This level of service deepens your relationships making you a partner, not just a supplier. In an era of the connected worker and connected intelligent machines, this is imperative. 

The right insights allow for business transformation and the diversification of your value proposition to act for growth. Hear from Ray Wang of Constellation Research, Inc. as he shares his expert knowledge on how you can Get Fit for Growth.

Continue reading The Connected Worker—A Critical Component of Your IIoT Strategy