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Big data creates incredible business opportunity
Industrial Equipment companies generate vast amounts of data "in the rough" that can become an invaluable diamond, a powerful tool to make better business decisions, facilitate innovation and align more closely with customers. But without the ability to access this data in context and in real time, it just remains buried in the mine.
So often much of the data is unstructured and stored in disconnected databases making its accessibility and interpretation difficult. Extracting hidden value from the data is about more than just storing it all in one place. It’s about the ability to accurately and intuitively analyze the data to generate actionable insights that support business objectives in a timely manner.
To achieve this speed and accuracy, Industrial Equipment companies are investing in the latest generation of business platform and analytics tools to create a real-time vision that allows them to quickly respond to customers’ demands.
Seeing and knowing your big data
Storing data in one place provides a single version of truth. It enables everyone to collaborate using the most current version of information throughout the entire product development lifecycle. The extended business ecosystem contributes and consumes information from this data lake to ensure consistency, avoid duplication and reduce the risk of using out-or-date information or repeating the same errors.
Data continuity expedites the product development process with your customers by using information that’s statistically meaningful, allowing you to make informed business decisions.
This in turn leads to productivity gains, making the right information available at the right time. All functional areas can synchronize their activities so that they can immediately have access to and use information. Customer-perceived product quality is improved when supportability is addressed early in the product’s life.
Big data analytics, strategy and management
One of the biggest challenges of exponential data is the ability to visualize it in a quick and user-friendly manner in order to make informed decisions. Many Industrial Equipment companies spend over 30% of their time on finding data, having meetings, updating information, following up, and so on. All of which impact productivity, ingenuity and profitability.
By analyzing PLM data in real time, companies can reveal and solve issues faster. Here are 7 tips for success for companies transitioning to deliverables-based project management powered by analytic insights.
Extract the benefits from your data
Big data analytics allows companies to understand, participate, and develop insights to make better business decisions and improve performance. Analytics uncovers hidden data relationships and brings better visibility of issues to PLM stakeholders and C-Level executives.
How AI provides strategic parts management
Use Artificial Intelligence to reuse existing equipment parts, reduce duplicates and standardize across the enterprise, and negotiate better with your suppliers.
Globalization has opened new markets but also intensified competition. This has spurred manufacturers to apply continuous product innovation and localization to attract and retain customers empowered by greater choice. Combined with increasing customization, product complexity continues to rise, leaving equipment manufacturers more vulnerable than ever to an accompanying proliferation of parts and components.
Managing this proliferation demands discipline, but also provides opportunities to put in place processes to overcome these challenges once and for all, ultimately enhancing business performance.
Globalization, mergers and acquisitions, and increasing product personalization are just a few of the factors causing the growing number of product parts found in equipment companies. Putting in place a parts standardization strategy is easier than it sounds. And once it’s automated using artificial intelligence, procurement professionals and designers and engineers will have more time and money available to contribute to creating even more innovative products, ultimately increasing customer satisfaction and loyalty.
Polishing your big data
Digitalization is reshaping how Industrial Equipment companies use their data to innovate and respond to customer demands. We’ve seen above how the value of big data is sparking the growth of disruptive technologies that help companies not only mine their data, but also cut and polish it to stay ahead of the competition. From digitalization to analytics to revealing the right equipment parts, a business platform can help you extract the most value from your data.
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