Article | December 14, 2021
Do manufacturing businesses require Business Intelligence (BI)? The answer is YES. Manufacturing is one of the most data-intensive businesses, producing massive amounts of data ranging from supply chain management to shop floor scheduling, accounting to shipping and delivery, and more.
All of this information would go to waste if not properly categorized and utilized. Scrutinizing and analyzing your data with business intelligence will help you become a more efficientand productive organization. Your organized data can show you where the gaps or inefficiencies are in your manufacturing process and help you fix it.
Many companies simply are not willing to change or think they are done once they make a change. But the truth is technology, consumer demands, the way we work, human needs and much more are constantly changing.
Michael Walton, Director, Industry Executive at Microsoft
BI has the potential to improve the operations of an organization and transform it into an organized one. According to Finances Online research, more than 46% of organizations are already employing a BI tool as a significant part of their company strategy, and according to Dresner Advisory Services research, 8 in 10 manufacturers who use BI for analytics have seen it function successfully.
How Manufacturing Operations Are Improving with Business Intelligence?
As revealed by the BI statistics above, we can see that business intelligence is critical in manufacturing. To further illustrate how business intelligence supports the manufacturing industry, let's look at some of the business intelligence benefits that are making a difference in the manufacturing industry.
Advances Operational Efficacy
While modern enterprises create massive amounts of data, not all of this data is relevant. Today's business intelligence solutions take all of the data from your organization and transform it into an easily comprehensible and actionable format. It enables you to minimize or fix errors in real-time. Additionally, it helps you to forecast raw material demand and assess procedures along the supply chain to ensure maximum efficiency.
Allows for the Analysis and Monitoring of Financial Operations
Business intelligence solutions provide insight into sales, profit, and loss, raw material utilization and can usually assist you in optimizing resources to increase your return on investment. Understanding your cost-benefit analysis, BI enables you to manage production costs, monitor processes, and improve value chain management.
Assists in the Management of Your Supply Chain
Manufacturing companies engage with various carriers, handling these multiple processes can be complicated. BI enables manufacturing companies to have more accurate control over shipments, costs, and carrier performance by providing visibility into deliveries, freight expenditures, and general supplies.
Contributes to the Reduction of Inventory Expenses and Errors
Overstocks and out-of-stocks are substantial barriers to profitability. Business intelligence can assist you in tracking records over time and location while identifying issues such as product faults, inventory turnover, and margins for particular distributors.
Determines the Efficiency of Equipment
Several factors can cause inefficient production. For example, errors with equipment due to improper installation, maintenance, or frequent downtime can reduce production. So, to keep industrial operations running well, one must monitor these factors.
Manufacturers can maintain their machines' health using data analytics and business intelligence. It provides real-time information about your production lines' status and streamlines production procedures.
How Business Intelligence Helped SKF (SvenskaKullagerfabriken) to Efficiently Plan Their Future Manufacturing
SKF is a key supplier of bearings, seals, mechatronics, and lubrication systems globally. The company posses its headquarter in Sweden and has distributors in over 130 countries.
Due to SKF's extensive worldwide reach and product diversity, they constantly need to forecast market size and demand for their products to modify their future manufacturing. Generally, SKF experts developed and kept their forecasts in traditional and intricate excel files. However, the efforts of maintaining and reconciling disparate studies were excessively high. As a result, SKF used require days to generate a simple demand prediction.
Later, SKF integrated its business data assets into a single system by utilizing business intelligence in production. Following that, they could swiftly begin sharing their data and insights across multiple divisions within their firm. They are now able to aggregate demand estimation fast and does not face cross-departmental issues about data integrity for the vast number of product varieties they manufacture.
This intelligent data management enabled SKF to plan their future production operations efficiently.
Business intelligence in manufacturing makes a big difference in the organization's entire operations. Given the benefits of business intelligence in manufacturing, a growing number of manufacturers are implementing it in their operations.
According to Mordor Intelligence, Business Intelligence (BI) Market was worth USD 20.516 billion in 2020 and is anticipated to reach USD 40.50 billion by 2026, growing at a 12% compound annual growth rate throughout the forecast period (2021-2026).
Hence, we may say that the business intelligence is crucial for manufacturing and is booming, thanks to its enormous potential and the numerous benefits it provides to various businesses.
Why is business intelligence so important in manufacturing?
Organization intelligence may assist businesses in making better decisions by presenting current and past data within the context of their business. Analysts can use business intelligence to give performance and competitive benchmarking data to help the firm run more smoothly and efficiently.
What value does BI add to manufacturing?
Business intelligence solutions provide insight into sales, profit, and loss, raw material utilization and can usually assist you in optimizing resources to increase your return on investment. Understanding your cost-benefit analysis enables you to manage production costs, monitor processes, and improve value chain management.
What is business intelligence's key objective?
Business intelligence is helpful to assist corporate leaders, business managers, and other operational employees in making more informed business
Article | April 6, 2021
As the pandemic upended plans for marketing and sales in 2020, it forced marketers in the manufacturing industry to adopt the tactics of the remote world. Many of them are still wondering how they can focus on driving business growth in 2021. Intent data has undoubtedly added some spice to the season of online marketing.
Research conducted by B2BecNews on 110 businesses found that 59.5% of business buyers research two to three websites before buying while 29.7% research up to seven websites.
The “How” of Intent Data
Intent data allows businesses to channel their expenditure to the leads that matter the most. It boosts sales and encourages marketers to be smarter by doing more in less time.
Moreover, b2b buyers now tend to look for an immersive digital experience and are likely to conduct more and more searches before engaging with a brand. Such digital activity will tell you what a visitor’s intentions are called the intent data.
To drive your business, here are some tried-and-true and unexpectedly productive ways to scale up your marketing and sales game using intent data.
Improve your Sales Pitches/Pipelines
When you are expanding or redefining your business because you want to target a new market or audience, third-party intent data is a decent place to start. Through intent data, your sales team can build a year’s pipeline by reaching target audiences.
To get the value of your sales, you can use intent data categorizing with a professional group, seniority, functional area, business size, and more for targeted prospects. And if your data provides contact information, your sales team will have an even deeper understanding of the dynamics of prospects’ buying activities.
Moreover, learning about the fact if a CEO or a random visitor visits your website creates a difference between a quality lead and a generic one. There are times when organizations don’t vigorously look for a product. But with the right content force, you can direct them towards a purchase decision. This way, you can get a chance to pitch and improve sales.
So, how can content pitch sales?
The next point explains the importance of nurturing content on your website.
Nurture with Personalized Content
Once you target new prospects, you can nurture them with excellent and informational marketing content. These can be in various forms like articles, blogs, advertisements, social media, infographics, and more.
Personalization results better in the sea of marketing (digitally or manually). Since the pandemic has pushed the digital world extensively, personalization is on a hike. Companies that personalize their marketing strategies to communicate are improved by 86% in customer relations, have higher conversation rates, and observed improvement in businesses.
To personalize your content, you have to look at intent data and search for the prospect’s interests. After your research, you can create content for them. Paying attention to contextual information will improve the prospect’s experience, causing them to turn into your client.
After you create personalized content, what will happen next? Find out ahead.
Generate High-Quality Leads
Intent data tells you how far each prospect has progressed. A combination of intent and context data helps with lead scoring, which shows you the quality of leads.
A visit to your website by an intern is somewhat different from a CEO’s visit.
Consuming content on general industry information differs in value from product-specific content that provides information on websites.
When a visitor compares prices, it intends to buy, opposite to a visitor who bookmarks pages.
Besides, intent data for manufacturers also tells:
Channels to target your prospects actively.
Content to encourage
Offers to serve
The timing of each lead nurturing action
Improve Account-Based Marketing Campaigns
Account-based marketing and intent data go hand-in-hand. So, it would be best if you worked through every possible path to collect more information about your prospects. This way, it will help you take a focused approach. Once you identify the interested prospects, you can focus your time and energy on those accounts and expand your reach.
Intent data helps you to find more in-market customers. They can score leads with better precision and re-shape your marketing campaigns by showing up with the right message at the right time.
Include Marketing Automation Operations
Implementing marketing automation technologies with intent data will save your team's time. As they usually spent analyzing data entry by automatically setting alerts when buyers intend to show their interest.
Why is Intent Data for Manufacturing Becoming Crucial for Future?
With marketers, or say, manufacturing marketers, it's always vital to drive revenue for business and get ahead with trending marketing paths. For this, knowing intent of prospects is a must to gain success.
Knowing a prospector’s behavior can help your marketing team target a specific profile and create personalized content on demand to increase their purchase decision. After all the information is collected, prospects become more knowledgeable and informed of the decision they make. More information attracts more potential buyers when they are informed conveniently at the right time and manner. In this entire process, you gain an increased ROI.
These aspects are incomplete without intent data for manufacturers, which targets numerous data and creates an easy baseline so that marketers can learn precisely about potential prospects’ behaviors. Intent data can be used for the future through a particular pattern. Generic marketing campaigns delivered to a random audience will simply shut down your business. Because now, the users expect to see content that’s valuable to them.
Therefore, intent data for manufacturers is the key to providing better answers and solutions and allowing better marketing budgets. Both of these lead to more conversions which results in more revenue.
Frequently Asked Questions
How is intent data collected?
The collection of intent data is not new to marketers. It has gained prominence only after the pandemic. The data is gathered through the website. Its analysis is done by tracking visitors to the website, clicks, chatbots, duration of stay, and information search.
How can manufacturers leverage intent data?
The steps to leverage are:
1. identify the prospect and what it wants to search or trying to search. It could be keywords, trending words or phrases, and more.
2. Create quality yet informational content following the prospects’ interest.
3. Now, it’s time to promote content with the right on different channels to attract prospects.
What are the intent data tools for manufacturers?
Some good intent data tools manufacturers can use are:
What is buyer intent data for manufacturers?
Through buyer intent data, your sales team easily reaches out and gets engaged with the right prospect at the right time. Manufacturing marketers use it to plan can create effective campaigns to target potential ones and convince them to buy.
"name": "HOW IS INTENT DATA COLLECTED?",
"text": "The collection of intent data is not new to marketers. It has gained prominence only after the pandemic. The data is gathered through the website. Its analysis is done by tracking visitors to the website, clicks, chatbots, duration of stay, and information search."
"name": "HOW CAN MANUFACTURERS LEVERAGE INTENT DATA?",
"text": "The steps to leverage are:
1. identify the prospect and what it wants to search or trying to search. It could be keywords, trending words or phrases, and more.
2. Create quality yet informational content following the prospects’ interest.
3. Now, it’s time to promote content with the right on different channels to attract prospects."
"name": "WHAT ARE THE INTENT DATA TOOLS FOR MANUFACTURERS?",
"text": "Some good intent data tools manufacturers can use are:
"name": "WHAT IS BUYER INTENT DATA FOR MANUFACTURERS?",
"text": "Through buyer intent data, your sales team easily reaches out and gets engaged with the right prospect at the right time. Manufacturing marketers use it to plan can create effective campaigns to target potential ones and convince them to buy."
Article | December 21, 2021
Consumer demand has shifted dramatically in recent years, and manufacturers are trying to adapt to this shift. To maintain high product quality, minimize costs, and optimize supply chains, manufacturing analyticshas become essential for manufacturers.
Manufacturing analyticsis the process of gathering and analyzing data from various systems, equipment, and IoT devices in real-time to get essential insights.
As technology takes over and enhances many of the processes we used to handle with manual labor, we are freed up to use our minds creatively, which leads to bigger and better leaps in innovation and productivity.
– Matt Mong
Manufacturing analyticscan assist in maintaining production quality, boost performance with high-profit returns, decrease costs, and optimize supply networks.
This article will outline manufacturing analyticsand present a list of possible application cases. It will also highlight the benefits of manufacturing analyticsfor any shop floor or factory.
Manufacturing analytics: An Overview
With manufacturing analytics, we can streamline and speed up the entire process. Data interchange and automation helps in speeding up the production process. Manufacturing analyticsuses predictive manufacturing, big data, Industrial IoT, network virtualization, and machine learningto produce better scalable production solutions.
Manufacturing analyticscollects and analyses data from many sources via sensors embedded in machinery to identify areas for improvement. Data is collected and presented in an easy-to-understand structure to illustrate where difficulties emerge throughout the process.
In short, manufacturing analyticscollects and analyses large volumes of data to reveal insights that might improve performance. Users can also obtain automated business reports to reply in real-time.
Why Manufacturing analytics is Vital for Leading Businesses
There are numerous benefits of manufacturing analyticsthat drive any company’s production and overall manufacturing business growth. The benefits of manufacturing analyticsfall into three distinct categories as below.
It reduces the overall cost: Analytics may save a significant amount of money if used more efficiently. Labor costs are also reduced due to automation and semi-autonomous machinery. Similarly, preventive and prescriptive maintenance programs may save money while enhancing productivity.
It boosts profits for businesses: Manufacturers can respond swiftly to changes in demand using real-time insights in production, inventory management, and demand and supply forecasting. For example, assume the data indicates that they are approaching their maximum capacity. In such instances, they can increase over time, increase capacity, modify procedures, or tweak other production areas to adapt and maintain delivery times.
Other unforeseen benefits: There are several advantages to the increased capabilities enabled by manufacturing analytics. These benefits include lower energy use, safer environmental practices, fewer compliance failures, and more customer satisfaction.
Five Real-world Applications of Manufacturing Analytics
A machine's analytics uses aggregate data from real-time detectors to anticipate when it needs to be replaced or functioning irregularly. This process helps predict machine failure or equipment defects.
Analytics can assist in determining a plant's capacity and how many products are produced by the unit in every production cycle, which is helpful in capacity planning. In addition, analytics may help determine the ideal number of units to create over time by considering capacity, sales predictions, and parallel schedules.
Predictive analytics solutions can automate maintenance requests and readings that shortens the procedure and reduce maintenance expenses.
Product development is an expensive process in manufacturing. As a result, businesses must invest in R&D to develop new product lines, improve existing models, and generate new value-added services.
Earlier, this approach was in place by repeated modeling to get the finest outcome. This approach can now be modeled to a large extent, with the help of data science and technologically superior analytics. Real-world circumstances can be replicated electronically using "digital twins" and other modeling approaches to anticipate performance and decrease R&D expenses.
Many factors that might help in the plan significant capital expenditures or brief breakdowns can be explained using historical data and a few high-impact variable strategies. For example, consider the seasonality of products like ice cream. As a result, historical market data and a few high-impact factors can help explain numerous variables and plan major capital expenditures or short-term shutdowns.
In addition to demand forecasting, predictive analytics incorporates advanced statistical techniques. With predictive analytics, a wide range of parameters, including customer buying behavior, raw material availability, and trade war implications, may be taken into consideration.
Warranty support may be a load for many manufacturers. Warranties are frequently based on a "one-size-fits-all" approach that is broader. This approach introduces uncertainty and unanticipated complications into the equation.
Products may be modified or updated to decrease failure and hence expense by using data science and obtaining information from active warranties in the field. It can also lead to better-informed iterations for new product lines to minimize field complaints.
Managing Supply Chain Risks
Data may be recorded from commodities in transit and sent straight from vendor equipment to the software platform, helping to enable end-to-end visibility in the supply chain.
Manufacturing analyticsallows organizations to manage their supply chains like a "control tower," directing resources to speed up or slow down. They may also order backup supplies and activate secondary suppliers when demand changes.
Businesses should adapt to changing times. Using analytics in manufacturinghas altered the business industry and spared it from possible hazards while boosting production lines. Industry 4.0's route has been carved. Manufacturing analyticsis the key to true Industry 4.0, and without it, the data produced by clever IoT devices is meaningless. The future is data-driven, and success will go to those who are ready to adopt it. The faster adoption, the sooner firms go ahead of the competition.
How can data analytics help manufacturers?
Data analytics tools can help manufacturers analyze machine conditions and efficiency in real-time. It enables manufacturers to do predictive maintenance, something they were previously unable to accomplish.
Why is data so crucial in manufacturing?
Data helps enhance manufacturing quality control. Manufacturers can better understand their company's performance and make changes by collecting data. Data-driven manufacturing helps management to track production and labor time, improve maintenance and quality, and reduce business and safety concerns.
What is Predictive Manufacturing?
Predictive manufacturing uses descriptive analytics and data visualization to offer a real-time perspective of asset health and dependability performance. In addition, it helps factories spot quality issues and takes remedial action quicker by eliminating the waste and the cost associated with it.
Article | November 20, 2021
Additive manufacturing in America plays a significant part in reviving the manufacturing industry and establishing the country as a leader in applying additive manufacturing technology. The United States was formerly the industrial leader, but it fell out of favor between 2000 and 2010 for many reasons, including recession and structural and financial instability.
In this challenging time, technology interventions such as additive manufacturing in the manufacturing business have allowed the industry to survive. As per the recent report by A.T. Kearney, the USA, the industry leader in manufacturing, has worked hard to reclaim its top position in manufacturing and has also been named the leader in additive manufacturing.
Let's look at which fields of America are utilizing the benefits of additive manufacturing technology to reclaim its position as the industry leader.
Additive Manufacturing in America
The manufacturing industry is gravitating toward additive manufacturing, sometimes known as 3D printing. The numerous advantages of additive manufacturing, such as the reduction of material waste, the reduction of prototyping time, the reduction of prototyping costs, the creation of lightweight objects, and the ease with which it can be implemented and recreated, are making it more popular around the world, including in the United States.
In the United States, the additive manufacturing and material industry is expected to be worth $4.1 billion by 2020. China is the world's second-largest economy and is expected to reach a projected market size of US$14.5 billion by 2027, with a CAGR of 27.2 percent from 2020 to 2027.
How does America Leverage the Additive Manufacturing?
US Airforce has launched research into 3D printing
The US Air Force has begun researching 3D printing replacement parts for old planes utilizing a 3D printing platform.
The project initiative credit goes to 3D Systems, Lockheed Martin, Orbital ATK, and Northrop Grumman. America Makes will observe the project in its third stage and be led by the University of Dayton Research. The Air Force Laboratory financed the Maturation of Advanced Manufacturing for Low-Cost Sustainment (MAMLS) program.
The US Air Force will investigate how the 3D printing technology may reproduce components for outdated aircraft. Using additive manufacturing, the replacement parts may be created faster and in smaller batches, with no minimum order quantity. In addition, applying additive manufacturing will reduce the aircraft ground time and eliminate the need for parts warehousing.
American Manufacturing Companies and Additive Manufacturing
3D Systems, Inc.
3D Systems is an additive manufacturing company. Their work goes beyond prototyping. The company's experts use their deep domain expertise in aerospace and healthcare industries to produce competitive additive manufacturing solutions. This global leader in additive manufacturing helps you define business needs, verify manufacturing flow, and scale manufacturing flow.
GE has seen the benefits of additive manufacturing and its options for product design, such as the potential to build lighter, more vital components and systems. As a result, they created goods that are better performing, more sophisticated in design, and easier to produce.
Ford's advanced manufacturing center in Michigan is all about additive manufacturing. The company employs 3D printing extensively in product development and is looking to integrate it into manufacturing lines. As a result, additive manufacturing is now a critical aspect of the Ford product development cycle, enabling prototype parts and product engineering exercises.
The American manufacturing industry has experienced a renaissance as a result of the advent of additive manufacturing. Additionally, it has built its national accelerator and leading collaborative partner in additive manufacturing, "America Makes," which is the largest manufacturing industryglobally in terms of revenue and operates in a variety of areas. However, it is mainly focused on 3D printing or additive manufacturing, which is undoubtedly reviving the country's manufacturing sector.
What are the significant challenges in additive manufacturing?
Limitations in terms of size, consistency of quality, scalability, a limited variety of materials and high material costs, and limited multi-material capabilities are only a few of the prevalent issues associated with additive manufacturing technology.
Which company is leading in additive manufacturing technology in the USA?
3D Systems Corp. is the leading company in additive manufacturing technology with a revenue of $566.6 million.
"name": "What are the significant challenges in additive manufacturing?",
"text": "Limitations in terms of size, consistency of quality, scalability, a limited variety of materials and high material costs, and limited multi-material capabilities are only a few of the prevalent issues associated with additive manufacturing technology."
"name": "Which company is leading in additive manufacturing technology in the USA?",
"text": "3D Systems Corp. is the leading company in additive manufacturing technology with a revenue of $566.6 million."