How Much Data Is Too Much Data in Manufacturing?
Viewed as the key to efficiency savings and smarter decision making, data is an invaluable tool for manufacturers looking to strengthen their business model and improve operational productivity. However, an obsession with capturing every metric possible - without thinking about the bigger picture, may lead to too much data, creating unnecessary complication and confusion. Here’s some key points to consider when reviewing your data, to ensure you are making the most of this valuable asset.
Without a central system able to collate this data you risk unnecessary oversights or missed opportunities. With integrated dashboards you can easily connect your once disparate data and spreadsheets into an easy to understand format, able to drill down into specific areas of your business, as well as viewing the bigger picture.
Understanding your data
Data remains meaningless without a clear structure in place to help you understand exactly what the data is telling you, so it’s important to understand what data you want from every machine and every process, and how this will drive efficiency savings or improve performance.
It isn’t just those working on the factory floor that need to be able to understand this data, increasingly manufacturers are seeking to collate productivity data, forecasting metrics and sales reports for their senior managers, to inform overall business strategy - a hugely time consuming task with disconnected data.
Avoiding data saturation
Data saturation can actually cause real problems for manufacturers, over-complicating the decision-making process, and even leading to the wrong decisions being taken, rather than providing straightforward solutions.
To ensure your data yields actionable results, avoid seeking out more data points before you have a strong understanding of the information you currently generate. Specialist reporting software can help collate the metrics and information you need to improve your operational efficiency and performance - ensuring your once untapped data is put to the best possible use.
Supporting your manufacturing business
While production data can help drive efficiencies on the factory floor, commercial data can provide more insight into your overall operation. With robust WIP data, you can gain insight into the true cost of raw materials, labour and overhead costs, allowing for smarter decision making when it comes to purchasing or hiring new staff members.
Reliable job costing data can also provide insight into which products and customers are most profitable, giving you the facts so you can decide which deserve attention or even which should be dropped.
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