The manufacturing industry is experiencing a digital transformation. Many manufacturers still rely on spreadsheets and observational methods to make business and operational decisions. This method can lead to an "after the fact" analysis with outdated information.

COVID-19 created significant difficulties for global supply chains. The impact of the Coronavirus on the worldwide supply chain continues; most companies, from equipment manufacturers, distributors, and suppliers, have been affected.

A new survey from Reuters Events explains how there is an urgent need to move beyond legacy systems and gain end-to-end supply chain visibility.

With these recent events and the changing business landscape, manufacturers need to embrace emerging technology in order to remain competitive.

By its very nature, manufacturing is now seen as a very data-driven process. Therefore, manufacturing intelligence requires tools to gain improved insights into managing costs, operations, and profitability. This is where business intelligence in manufacturing comes in. 

With business intelligence software these same companies can accumulate and assess data and make it immediately accessible to those who have the means and opportunity to take immediate action.

Business intelligence in manufacturing is needed to effectively and cost-efficiently coordinate raw materials and internal resources to meet customer quality and delivery demands.

Business intelligence in manufacturing gives manufacturers the ability to take information and data that might once have been siloed across the factory floor, and assimilate it into one convenient access source. There, individual departments can access the information they need to make decisions pertinent to their area. At the same time, supervisors and management can check to ensure the overall systems are performing at peak productivity.

While manufacturers might pay a great deal of attention to maintaining equipment and training personnel, they frequently fail to apply the same dedication to their business intelligence processes. This lack of commitment to amassing and assessing data can lead to production delays and cost overruns.

However, the right information (at the right time) can lead to many tangible benefits:

Interactive BI dashboards can provide a quick overview of real-time data and metrics, BI reports take the long-view and assemble information into digestible summaries or transitional details.

These might include:

• Inventory Reports: These reports show how much inventory is at hand to meet production and profitability needs. Components must arrive precisely when needed, and the finished product should go out the door just in time to meet demand. The high inventory indicates wasted resources, while low inventory could hamper responsiveness.
  
  
• Invoices: Invoices need to be accurate and timely. As soon as a job is completed, accounts receivables should be able to access all pertinent parts and personnel information easily and produce a reliable invoice.
  
  
• Predictive Reports: Some predictive reports can be used to predict failures within an assembly line process. This action is accomplished by analyzing the end results of the line and its returns. Other reports assist in risk management by uncovering the risks and rewards of introducing a new procedure or product line.