With a variety of conditions that have led to an increase in the cost of raw materials, in the cost of accessing raw materials and to a decrease in growth, manufacturers are looking for new solutions to maximize operations performance. In "Manufacturing: Analytics unleashes productivity and profitability," by Valerio Dilda, Lapo Mori, Olivier Noterdaeme, and Christoph Schmitz, they discuss the challenges manufacturers face and solutions in manufacturing monitoring and analytics. The simplest way to become a smart factory is to implement automatic data collection, monitoring software and manufacturing analytics.
Three ways manufacturing monitoring and analytics can maximize operations:
- Predictive maintenance: Maximize opening time of critical assets, leveraging big data to predict and anticipate failures.
- Yield/throughput: Maximize yield/throughput of individual assets by optimizing working parameters based on big data analysis.
- Systems/supply chain dynamic optimization with advanced modeling: Dynamically define optimal set-up point (e.g., sales mix, value allocation, procurement mix,) to maximize profit/hour generation.
Infographic source: McKinsey & Company
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