Collect information from lots of sources
Big data engages data, people and processes to create a ‘connected enterprise’ that captures and tracks information, using everything from customer surveys to innovative applications, such as smart sensors and the use of the Internet of Things (IoT) to machine readings.
Predict future events
Data has long been used to drive improvements in efficiency, reduce waste and lead to small profit gains. But big data analytics makes a huge leap forwards in research and trend analysis because it helps manufacturers:
- Predict future events
- Foresee risk
- Enhance customer experience (CX)
- Point the way towards manufacturing growth.
Big data is collected from four main areas:
- External sources - such as user groups, social media, focus groups or surveys to build customer data.
- Products in the home - product lifecycle analysis can lead to future design and performance enhancements.
- Internal sources – An integrated ERP (Enterprise Resource Planning business management software system) can provide data on products, processes and people to the manufacturer.
- Machine-to-machine at the factory - smart sensors and the internet of things (IoT) can collect data straight from machines used to make products, and send it to an ERP system.
What can manufacturers do with all that data?
Manufacturers can be missing a huge opportunity if they don’t recognise how data can be utilised. If handled correctly, it can accurately predict trends and likelihoods that manufacturers will find extremely valuable, such as:
- See trends – Know in advance when it will be time to introduce a new colour range or change of style.
- Beat competitors to market – Get innovative products on sale before anyone else and stay on top by rolling out improvements just as rivals are about to catch up.
- Plan staffing rotas – If a manufacturer knows when sales are likely to pick up, it can ramp up staff recruitment or prevent leave from being booked.
- Stock-up on materials – Spend capital on raw materials, so they arrive ‘just-in-time’.
- When to make a marketing push to existing customers – Predict when a product is likely to fail and then promote a replacement.
- Hold the right amount of spares – Understand when you’re likely to have an upsurge in demand for the parts needed for repairing and servicing your products.
- Know which areas to target – Match current customers with the profiles of potential customers in other regions or countries, making global expansion easier.
- Understand what customers want – Discover customer ‘pain points’ and create excellent solutions. This could also build customer loyalty.
- Up-sell, cross-sell and re-sell – Analysing data from happy customers can help manufacturers strengthen their brand message, know which further products are likely to be bought if promoted and whether a customer can be encouraged to provide a ‘glowing’ testimonial.
- Improve the bottom line – Improve productivity and improve slim profit margins.