There are many examples of how big data and the Internet of Things (IoT) are changing our world. From consumer products such as smart home appliances to business applications like marketing automation, big data is impacting the way we do things. Such is true with manufacturing processes. In a recent study conducted by Honeywell, 46% of manufacturers agree that implementing and using data analytics is no longer optional. Big data analytics is helping manufacturers significantly reduce downtime, gain greater operational insights, and improve supply chain efficiencies.
Unfortunately, not all manufacturers are staying current with their technology.
The survey identified equipment breakdowns and unplanned downtime as significant threats to a manufacturers’ bottom line. While some manufactures are using IoT combined with big data analytics to address these threats, others are concerned about the costs associated with equipment upgrades and replacements. Therefore, they are operating ‘business as usual’ and delaying dealing with these constant threats. Learn how First American Manufacturing Finance is working together with manufacturers to implement leading-edge technology: http://www.manufacturingfinance.com/technology