In manufacturing, manual processes can result in higher costs and slower growth. Operations optimization, cost reduction, manufacturing quality enhancement and demand forecasting are the four major issues that manufacturers must address. Only a full digital solution can be useful; digitizing just one or two processes can be effective only to a limited level. Manufacturers cannot prepare for the future without a strong prediction system based on operational data analysis, especially for business-critical challenges like demand forecasting.
Automating processes with predictive maintenance tools is an intriguing yet effective technique to address this problem. In the sections below, let’s take a look at the applications of predictive manufacturing analytics, covering cost-effective operations, production quality improvements and demand predictions.
What is predictive maintenance?
Predictive Manufacturing analytics refers to the application of technology, and data obtained from operations and events in the manufacture sector to ensure quality, boost productivity and yield, cut costs and optimize supply chains. Manufacturing analytics are a part of a larger transformation known as Industry 4.0, in which factories are anticipated to transform into autonomous, self-healing entities by embracing cutting-edge technology like Cloud and the Internet of Things (IoT).
The functioning of the overall predictive maintenance system
Predictive analytics turns historical data into actionable insight about the condition of the manufacturing floor. It does so by comparing previous behavior with the current production output and applying artificial intelligence and sophisticated algorithms to the data. Manufacturers can then use the practical advice to quickly come to insight-based decisions. Manufacturers must combine the data and employ sophisticated AI algorithms to obtain actionable knowledge.
Benefits of predictive analytics:
Predictive analytics technologies for manufacturing integration provide visibility and make it simpler for important stakeholders to comprehend what is happening in their plant in real-time, allowing them to make quick adjustments as needed.
1. Integrates all data
Source today’s factories frequently use multiple software solutions simultaneously, including ERP, CMS and many other tools. A search for solutions requires sifting through thousands of data points produced by the disparate databases in which information is stored. Predictive analytics solutions gather data from various sources and centralize it into a single, user-friendly production solution.
2. Establishes one source of truth
It might be challenging to pinpoint the precise sequence of events that occurred on the manufacturing floor when all that is available are subjective statements and manually gathered data. Predictive analytics help set standardized goals for all production-related data. The data may be accessed by key stakeholders, who can then concentrate on their individual requirements and instantly comprehend the actual situation of the plant in real-time.
3. Keeps data consistent and accurate
At best, relying on human input to record data is a risky tactic. When working on the line, human operators may become fatigued, make mistakes and have many other things on their minds. Effective solutions lower human error by automatically tracking production, material use, machine downtime and more.
4. Helps achieve business objectives
Production efficiency is essential to obtaining the growth that manufacturing needs to thrive. Utilizing all available resources to their fullest potential improves quality and lowers costs, enhancing competitive edge. Predictive software solutions assist manufacturers successfully manage operations and maintain growth levels by identifying practical strategies to improve KPIs and maximize profit margin.
Top use cases for predictive manufacturing analytics:
1. Demand forecasting and inventory management
Modern producers need to be able to predict demand and having total control over the supply chain improves inventory management. Demand planning, however, can be difficult. End-to-end management of the supply chain can be used in conjunction with real-time shop floor data and data science techniques to handle purchasing, inventory control and transportation more effectively. It is possible to create precise and accurate demand plans which spot patterns that would otherwise go undiscovered.
Manufacturers can predict their material requirements with greater accuracy. Further, for better planning if they have a better understanding of how long it takes to build parts, how long project runs will last, and the estimated expenses and profit of a given job.
2. Supply chain risk management
To help give end-to-end visibility in the supply chain, data can also be collected from commodities in transit and communicated straight from vendor equipment to the software platform.
Companies can manage their supply chains in a “control tower” fashion using manufacturing analytics, as well as directing and redirecting resources to speed up or slow down. When a change in demand is detected, they can also place orders for backup supplies and buffer stocks, as well as alert secondary vendors when a disruption arises.
3. Improvements to manufacturing execution systems
Raw materials go through a more dynamic metamorphosis into finished commodities than most producers realize. Costs for raw materials, parts of machinery and supplies vary depending on factors like seasonality, availability of commodities, shipping location and global demand at the time of purchase. Certain steps in your manufacturing procedures can impede the production line’s flow after the materials are ready. Additionally, poorly tuned open or closed control loops that suffer from protracted deviations from their intended purpose.
The creeping earnings erosion can be halted by predictive analytics. By making operations more efficient, your company can save money on raw resources. You can lessen errors that lead to unavoidable waste for perishable goods (such as food and pharmaceuticals). Beyond material costs, you may expand your MES’s capabilities by locating other important cost drivers, locating operational bottlenecks, and fine-tuning your control loops to boost operational effectiveness and profitability.
Make predictive manufacturing analytics work for your organization
In conclusion, manufacturing companies cannot disregard the effects of predictive analysis technology. The fact that manufacturing always involves a lot of data, repetitive processes that could be automated and the solution of multi-dimensional problems makes PA a perfect fit for the industry.
Adopting an automated predictive analytic solution is crucial for decreasing downtime and improving efficiency in manufacturing as traditional approaches are becoming too slow to stay ahead in an increasingly competitive market.