Tag: Manufacturing

Demystifying the term ‘Data Driven Decision Making’

In today’s competitive and fragmented industry, Data-Driven decision making is the key to competitive advantages. But for many, it seems like a daunting task. The stream and sources of data are never-ending, the complexities associated with them are many, and a majority of manufacturing industry professionals still lack the complete understanding of Data-Driven concepts, tools,…

Indian Manufacturing Industry yet to reach its Tipping Point!

Manufacturing has emerged as one of the high growth sectors in India. India is expected to become the fifth largest manufacturing country in the world by the end of the year 2020. With a strong focus shown by the government towards enhancing the manufacturing sector of India with an ambitious goal of increasing the industry…

What is your MIDAS?

Overview “Today 83% of Indian manufacturing industry lies in the ‘Business Digitization’ phase, and is yet to reach the ‘Tipping point’ for ‘Digital Transformation’ – which only commences after the Process Digitalization stage ”– CII-GS Lab Report The Indian manufacturing industry is gearing up to increase its digital footprint to achieve higher efficiency & increased…

Predictive Maintenance & Asset Management With Advanced Data Analytics

Though technology has helped us build smart systems or products, it can’t prevent them from breaking down. However, as long as we know when, where and how things will break, we can minimize losses and guarantee quality customer service.  As a result, successful manufacturers today leverage the power of digital transformation to reduce costs, improve…

3 Step Guide For Manufacturing To Adopt Data-Driven Mindset

Step 1- Identifying the right Assets Traditional Vs Digital Manufacturing Let me start by defining the difference between traditional vs digital manufacturing assets Having defined data as a primary asset, a majority of the manufacturing industry today are not able to place data as an asset but more as an afterthought. Data is collected at…

Where Do You Stand In Your Digital Journey?

The Digital Journey of a business is determined by when and how a business moves from Digitization to Digitalization to Digital Optimization to Digital Transformation.  Yes – these are distinct terms which almost always are used interchangeably. One thing to keep in mind is once the digital journey begins, each element in the digital chain…

How To Leverage BigData & Analytics For Competitive Advantage

In the last two years, both the volume and number of data sources have increased by unprecedented rates. From combining statistics and other mathematical tools to business data in order to assess and improve practices to taking a deep dive into historical process data to identify patterns and relationships among discrete process steps and inputs…

How Manufacturing Should Leverage Industry 4.0

The 4th Industrial Revolution is here & it is the biggest highlight of the Digital Transformation journey for enterprises across the world. So, What Is Industry 4.0? Industry 4.0 creates what has been called a “smart factory”. It transforms physical processes of manufacturing by driving end-to-end digitization & automation, essentially putting to use technologies like…

Monetization of Data in Manufacturing Industry

The declining cost and size of sensors and communication technologies boosts the “Internet of Things” (IoT) by leaps and bounds. In 2017 Internet of Things (IoT) and Industrial Internet of Things(IIoT) forecast, Bain predicts that by 2020 annual revenues for the IoT vendors selling the hardware, software and comprehensive solutions would exceed $470B, while General…

How Technology Is Transforming The Manufacturing Industry?

The Manufacturing industry contributes to a staggering $2.17 trillion of the US economy. The sector has seen its fair share of ups and downs due to offshoring and job cuts over the last two decades. However, technology driven innovation has started to transform the face of the manufacturing industry in terms of how products are...