Break Barriers and Redefine Industry with Real-Time Analytics in Manufacturing

With the manufacturing sector’s focus on agility and efficiency, the emergence of industry 4.0 is heavily focused on making decisions in real-time events. Real-time analytics in manufacturing is taking manufacturing analytics to reach new heights. From collecting sensory information of machines and production hubs to deriving instant analytics insights, real-time manufacturing analytics makes it possible.  

According to a report published by openpr.com, the global manufacturing analytics market is expected to reach a valuation of nearly $35.57 billion by 2029. This growth is projected with a CAGR of 19.58%. In this blog, we’ll explore benefits and the challenges that can be eliminated with the use of real-time analytics in manufacturing. 

Manufacturing Troubles: Common Business Obstacles

Operational Efficiency Issues 

Manufacturers often face challenges with operational inefficiency due to manual processes and lack of insight. This impacts cost-effectiveness and productivity. An IDC study states that businesses lose 20-30% of their revenue each year due to inefficiencies. This is why the absence of insights into manufacturing processes hinders growth and poses risks to long-term success. 

Sales Prediction Challenges 

Manufacturers face challenges in predicting future sales, due to inadequate reporting systems. This leads to unfulfilled commitments and revenue loss. These demand forecasting gaps also affect budgeting, production capacity, inventory management, and sourcing of product manufacturing. 

So, the need of real time manufacturing analytics becomes a crucial part of the reliable manufacturing process.   

Supply Chain Complexities 

Invisibility in logistics process throughout the supply chain causes inventory mistakes, which questions reliability and reputation of the manufacturers. Manual stock checks are error-prone, resulting in mistakes, shortages, excesses, and unidentified losses. According to a survey Interos, around 83% of the participants reported reputational damage due to supply chain disruptions.  

Here, real-time manufacturing analytics is integral in avoiding supply chain bottlenecks in near real-time. 

These are some of the many challenges the manufacturing industry faces on a regular basis. And real-time analytics in manufacturing aims to eliminate these difficulties. Let’s explore how it does that. 

Elevating Results with Real-time Analytics in Manufacturing  

 

 

Real-time manufacturing analytics is the process of collecting and analyzing data from production processes and equipment as it happens, providing instant insights. It enables proactive decision-making, optimization, and quality control in manufacturing operations. Let’s see how manufacturing data analysis is fruitful to manufacturers. 

Achieving Maximum Overall Equipment Effectiveness 

Manufacturing data analytics enhances Overall Equipment Effectiveness (OEEE) by swiftly identifying and addressing issues. It reduces unplanned downtime and ensures peak equipment performance. Quality control benefits from real-time monitoring, enabling immediate adjustments to maintain product quality.  

Note: OEEE, is a performance metric used in manufacturing to assess the efficiency and effectiveness of a production process or equipment 

For instance, in pharmaceutical tablet production, real-time manufacturing analytics can detect variations in tablet weight or size, prompting instant adjustments to the compression machinery. 

Predictive Maintenance Checks 

Sensors on production machines provide real-time health status data. Using real-time manufacturing analytics, manufacturers can detect patterns indicating potential problems, and mitigate issues before they become obstacles.  

For example, in a factory with assembly line machines, manufacturing analytics reveals one machine’s abnormal temperature rise during operation. This insight enables companies to schedule predictive maintenance, prolonging the machine’s lifespan and preventing operational disruptions. 

Manufacturing Automation 

In the manufacturing sector, creating new products is quite expensive and uncertain. Real-time manufacturing analytics uses advanced algorithms and data to make the manufacturing process smoother. From sourcing raw materials to inspecting the final product, real-time analytics in manufacturing reduces the need for manual labor significantly. 

For example, in a food processing plant, real-time manufacturing analytics can be used to identify that the mixing and blending of ingredients were the most time-consuming and error-prone steps. By introducing automation, using robots for this task, the process can become faster and more consistent. 

Product Quality Analytics  

By continuously monitoring and assessing various production factors, for instance, sensors on an assembly line. Implementing manufacturing data analysis can instantly detect deviations in product dimensions, sending alerts to operators. These real-time insights allow quick adjustments, preventing the production of defective items.  

Additionally, historical data can be analyzed to identify patterns leading to quality issues, helping manufacturers actively improve processes.  

Enhanced Energy Utilization 

Data analytics in the manufacturing industry helps optimize energy consumption by continuously monitoring and analyzing equipment performance. Electricity accounts for 29.9% of energy consumption by the manufacturing industry according to Energymanager article. So, smart sensors in a factory can track machine efficiency, identifying energy wastage and patterns of high consumption.  

By addressing issues, such as inefficient motors or irregular energy spikes, manufacturers can significantly reduce energy costs and their environmental footprint, ultimately improving their profitability. 

Supply Chain Transparency 

Manufacturers can improve their supply chain by analyzing real-time data from sources like ERP systems, supplier data, and shipments. Real-time manufacturing analytics helps in predicting supplier reliability, while offering supply chain transparency. ESW states that 94% of customers are more likely to stay loyal to brands that offer transparency.  

For example, using a Fleetrobo’s GPS Tracker, manufacturers can monitor perishable goods during transit. Deviations in temperature or route trigger alerts, ensuring product quality and safety throughout the supply chain. 

Environmental Safety 

Real-time analytics is a critical tool for enhancing environmental safety in manufacturing processes. By continuously monitoring emissions, equipment conditions, and other critical factors, manufacturers can promptly identify and mitigate risks.  

Continue Reading: Navigating the Path to Net-Zero The Importance of ESG Initiatives 

In chemical manufacturing plants, incoming sensor data can be used to analyze and detect abnormal chemical emissions or leaks. So, with real-time analytics in manufacturing companies can not only prevent environmental harm but also ensure regulatory compliance and avoid penalties.  

 

Binary Semantics & Real-Time Analytics 

Binary’s business intelligence and cloud first strategy allows businesses to migrate their entire computational overload to cloud servers. Binary’s cloud architecture for real-time time manufacturing analytics helps businesses in deriving real-time insights with utmost speed and security. 

But how does Binary Semantics enable real-time analytics in manufacturing? The answer lies in their seamless integration using APIs and microservices. These integrations connect various aspects of your business, from production to sales, supply chain, finance, and customer relationship management (CRM).  

Binary’s Data Expertise 

What sets Binary Semantics apart is our expertise in data mining to extract insightful information from vast data sources. This knowledge empowers your manufacturing process’s MIS reports, ensuring that your business consistently achieves its objectives. 

Industrial Automation 

In an era of globalized markets, logistics play a critical role in the success of businesses. Binary Semantics Logistics Process Automation streamlines the process, improves efficiency, and generates substantial savings, making it an essential tool for modern manufacturing businesses. 

2023 Trends in Manufacturing Sector  

Industrial IoT Implementation 

Industrial Internet of Things (IIoT) networks physical objects with sensors and software to gather and exchange data for analysis. For instance, automakers use IIoT to monitor factory robots and anticipate maintenance issues.  

Similarly, manufacturers can use  FleetRobo GPS E-lock, fuel monitoring to track asset locations and machine power consumption stats. And in addition to that FleetRobo Logistics Process Automation can help speed up product manufacturing and minimize errors by incorporating automation.  

Info Insight: IIoT penetration in manufacturing sector is expected to be around 50% by 2025 according to oracle. 

Accelerating Digital Transformation 

Key priorities of manufacturers in a survey conducted by IndustryWeek and Oracle include efficiency, production development, market responsiveness, and customer relationships. The micro-factory, enabled by IoT and robotics, is a notable digital transformation example.  

Building the Factory of the Future 

The future factory will be highly automated, utilizing drones, AI, machine learning, IoT, and robotics. Emphasis shifts from physical labor to analytical work, supported by advanced back-office software for data management.  

Smart manufacturing’s success depends on modernizing ERP systems, often through cloud services, for real-time data collection and cost reduction.  

Conclusion 

Real-time analytics in manufacturing and automation are key drivers of Industry 4.0. As we step into the future of manufacturing, the implementation of Industrial IoT, digital transformation, and advanced automation is crucial in delivering a competitive edge. Binary Semantics’ experienced individuals have helped many businesses achieve their digital transformation and automation goals. So, let’s connect and build a roadmap that will assist in taking your business ahead of competitors. 

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