Question

Introduce two specific strategies and/or solutions to maximize the benefits and minimize the damages from big data trend for the manufacturing industry.

Answer 1

The two specific strategies to be employed to capitalise on the big data trend for the manufacturing industry are following:-
1. Align predictive analytics output with organizational objectives: by leveraging big data and employing analytics on the data, it is possible to detect hidden trends which could be employed to optimise manufacturing, make the supply chain more efficient and make strategies around reliability centred maintenance. All this ultimately is leading to cost savings and reducing expenses and increasing profitability.

2. Consistency in gathering and structuring data: Every organization generates tons of data and this could be stored for further analysis and optimization. But a crucial parameter is to have standardised data format across the organization. This would enable data consistency across functions in an organization and maybe across industry. This may be then mined to get vital information which could be used to drive efficiency and improve performance.