Data as an Asset: Why Manufacturers Need to Invest in Managing and Collecting Data

The importance of collecting data is especially relevant when it comes to manufacturing. Companies must collect and manage data in order to identify new opportunities and develop different ideas.

Analyzing data can lead to discoveries that may increase productivity and lead to better operations within the plant. By collecting and transmitting data, companies have the opportunity to discover trends or patterns that can indicate what should be changed.

Find out more about how the industry is shifting toward this mindset and see how it can benefit your company.

Collecting Data

Part of the challenge of collecting data for manufacturers is that companies fail to identify what they want to learn. Data must be studied and understood rather than just collected. If it’s only collected, it won’t be beneficial to your company.

In a Plant Engineering article, Pete Karns, vice president of offering management for IBM, discusses data analysis and its importance in a plant. He says, “The Internet of Things (IoT) is doing something differently with data than you’ve done before. We can talk about connectivity and millions of sensors, but it’s just about doing something different with data. What we’re seeing first is the types of data are there, but it’s hard to work with.”

Managing the Data

Karns also notes that “we’re evolving to a much more powerful way of using the data to help us look beyond our own biases.” Manufacturers should begin adapting to this new era and incorporate data management into their everyday operations.

In the same Plant Engineering article, Jagannath Rao, president of Siemens USA’s customer service division, notes, “This is the future of manufacturing: machines talk to machines, robots working in collaboration with each other, machines knowing the state of their own health. It’s the next level of asset analysis. This is going to be the future, and some companies already are on board.”

More and more companies are adopting this new way of operating, which will help their operations improve and increase their revenue. If companies fail to adopt it, they’ll fall behind. Rao states, “By 2025, 85% of manufacturing will be connected. If you’re not on the bandwagon, you will lose your competitive advantage.”

Data Management Tools

To help manufacturers improve their data collection and management, tools are being developed and put in place to obtain and analyze data quickly.

A recent Manufacturing Engineering article discusses data collection and monitoring solutions, stating that they’re “already helping manufacturing operations management to see, analyze and quickly act upon time-sensitive data coming off the shop floor.”

Look into adopting data management tools for your manufacturing plant to stay ahead of the competition and accurately control your operations.

If you need high-quality products for your plant, browse CPV Manufacturing Products online or contact us directly to learn more about our valve and fittings.