Is Big Data just for modern, tech-savvy industries? Or can it help some seasoned industries as well? Here is a podcast about how data analytics are saving companies in the shifting industry of manufacturing.
Manufacturing worldwide is shifting, William Hall says. But it is an even bigger issue for American manufacturing companies due to the low labor costs in other countries, such as China. They can produce goods far more cheaply with low labor costs. But data analytics can help find inefficiencies in the operations, to reduce costs for American companies to make up for the higher labor costs.
This would enable American manufacturing to once again compete with Chinese companies, and it would protect our own market share. You can also find a great visual about data in manufacturing in this Forbes article.
Big Data is revolutionizing manufacturing companies by providing them with insight in three different categories. It is providing insight in regards to product demand and production, and helping the industry to understand the performance of plants across multiple metrics. Finally, similarly to most other industries, data is helping manufacturing companies understand their customers better.
Ultimately, all of these things are improving the performance of manufacturing. Therefore, data analysis is something that all manufacturing companies should be leveraging.