Weighing the Costs and Value of Accurate Manufacturing Data

The manufacturing industry faces many challenges, but one in particular is the need for accurate, timely and actionable data. Today, Industry 4.0 has fueled data driven decision making in every part of an organization, including in the supply chain and the manufacturing process. Without accurate and timely data, you run the risk of making poor decisions or missing key opportunities. In this blog post, we will weigh the costs and value of having access to accurate manufacturing data. 

The Cost of Accurate Data: Investment versus ROI

Clean or accurate data requires accurate inputs and a system that can efficiently use these inputs to generate useful, actionable insights. Such a system should be:

• Adaptable to your unique needs;
• Flexible to accommodate business expansion;
• Easy to understand so that key managers can use it with minimal training.

Additional to these demands, it is essential that your software shows a clear return on investment. Your software should be capable of handling large amounts of data collection, as well as provide insights in real time. If your software is not producing data that can improve your business, it is not providing you with a good return on investment. 

Data Challenges for Manufacturing

Manufacturing industry software has to handle more inputs than other industries. On top of payroll, accounting, and other business related processes, it also has to handle:

• Inventory
• Returns
• Materials
• Requirement planning
• Production planning
• And much more!

With the abundance of big data that needs to be collected, manufacturers must ensure that they have sufficient infrastructure to support data collection and storage. Being able to effectively present and visualize collected data is key to being able to enhance organizational performance. 

The Value of Accurate Data

Having access to accurate and up-to-date data can be highly beneficial for a manufacturing organization. As mentioned, to remain competitive, it’s important for manufacturers to increase overall operational excellence. 

With accurate data, manufacturers can identify problem areas and bottle necks. This can be of great value for organizations, who can then act on this information to become more competitive and productive. 

Furthermore, accurate data makes for more accurate forecasting and analysis. By being able to observe trends and KPIs, you can expect to minimize risks and better identify potential errors. Overall, this can enhance production quality and other manufacturing processes. In addition, this available data can help you appropriately distribute resources in the most efficient manner. 

With your technology and software aligned, your organization should experience stronger collaboration between the various functions of your business. Access to the same data allows employees to all be on the same page and have information consistent with each other. Being able to make quick decisions based on up to date data can help your organization remain competitive. Accurate manufacturing data can significantly boost productivity and efficiency. 

It can be costly to purchase multiple software packages and pay someone to integrate them with special coding. As such, the manufacturing software you decide on can be critical to your organization. So instead, look for manufacturing software that can handle all of your needs from the start.

Choosing a Manufacturing System

When it comes to selecting an appropriate manufacturing system for your organization, you must have an understanding of the following:

• Your desired outcome
• Why you need the system
• How the system can benefit your organization

Manufacturing companies are constantly striving towards increasing product quality, shortening order cycles, enhancing manufacturing process efficiency, reducing costs, and generating revenue. All these facets contribute towards helping manufacturers stay competitive.

When choosing the right manufacturing system for your business, it's important to understand what your desired outcome is, why you need the system, and how it may benefit you before starting your selection process. The right manufacturing software can encourage and foster growth. The manufacturing industry is constantly evolving and manufacturers are increasingly embracing technology at their organization in hopes of becoming more competitive.