Quantzig, a global data analytics and advisory firm that delivers actionable analytics solutions to resolve complex business problems, brings you comprehensive insights into the role of predictive analytics in the manufacturing industry in its recent article.
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What’s in it for you?
- Understand how to leverage predictive analytics in the manufacturing industry
- Gain insights into factors driving innovation in the manufacturing industry
- Gauge your ability to innovate in the dynamic manufacturing sector
Wonder how to enhance business operations by adhering to industry standards in the manufacturing industry? Talk to our analytics experts to learn more about our predictive analytics solution portfolio.
The modern manufacturing sector is delicate and filled with interconnected pieces that need to work perfectly in order to produce goods that keep the world running. Building an accurate data-driven predictive model isn’t easy for such a setup. It requires skilled data teams, advanced tools, and enormous amounts of clean data from the right combination of inputs. Even though the process is effort- and time-consuming, an effective predictive analytics engine, once built, is an enormous asset for every business. Manufacturing industry players are in the best position when it comes to data because they generate and capture tons of it every day. The process of producing goods is an enormous opportunity for data optimization.
Manufacturing companies are now adopting predictive analytics to forecast production, and enhance business efficiency. Request a FREE proposal to learn more about our capabilities.
According to Quantzig’s predictive analytics experts, “In recent years, predictive analytics has matured as a technology with practical applications for the manufacturing industry. The next stage in analytics development is the application of prescriptive capabilities.”
Applications of Predictive Analytics in Manufacturing Industry
1: Improves quality
Predictive analytics solutions and models have a positive impact on complex and critical manufacturing processes. When organizations deploy predictive analytics in manufacturing processes, it always results in improved quality. By leveraging predictive analytics, businesses can build a robust database by capturing data and later use the same to draw actionable insights.
2: Maximize revenue
By deploying a predictive analytics-driven dashboard for sales and orders, manufacturing companies can easily track the real-time status of the business and make mandatory changes. Predictive analytics-driven dashboards can easily create a sales forecast for an entire year using just a few months of data. Predictive analytics data visualizations of revenue data can forecast up to 15 months into the future.
3: Optimum asset capacity utilization and preventive maintenance
Predictive analytics solutions help manufacturing industry players make optimum use of assets, bringing down the machine costs, schedule maintenance activities, monitor machine activities and automate processes with the help of sensors embedded in the machines.
Book a FREE solution demo to know more about the use cases of predictive analytics in the manufacturing industry.
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 55 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal