68% of manufacturers are currently investing in big data analytics in the next twelve months and 67% are moving forward with these investments even as they cut in other areas. Mr. Louis Columbus of Forbes breaks down for us a recent analytics/IoT Honeywell survey of 200 North American manufacturing executives.
According to the survey, 46% of respondents no longer see big data analytics as “optional.” Instead, the benefits of big data analytics are clear to many in the industry:
- Equipment performance. Unscheduled downtime was sited as a top threat to revenue. 51% of respondents agree that the combination of the Industrial Internet of Things (IIoT) and big data analytics will help to predict equipment downtime, maintenance needs and breaks/repairs
- Supply chain management. 46% of the executives surveyed agree that big data analytics will help with supply chain performance by allowing them to better plan for and use resources more efficiently
- Safety. 47% of respondents agree that access to better equipment and operational data through big data analytics could help detect possible safety issues
Mr. Columbus reports most executives are fairly confident on the analytics path they are on. In fact, 65% report being on the “right track” or “above the curve” when it comes to their use of big data analytics. In summary, the results of this survey show that big data analytics will be key to allowing those in the manufacturing industry to improve revenue and operations for their companies.