Gaining information from data using industrial data analytics
In the age of industrie 4.0, machines, plants and products are being networked to an ever-increasing extent and are producing ever-larger volumes of data. Industrial data analytics can transform pure data into meaningful insights. Systematic collection and analysis of these data from production, manufacturing and development or from higher-level business processes and value chains helps companies to improve their processes. With modern methods such as artificial intelligence and in particular machine learning, companies gain valuable information about their processes, products and production systems and create an important basis for optimization measures and new business models.
Regardless of the industry, service or product, data-driven insights can, for example, help to make business processes more efficient, identify customer needs and predict growth potential. However, the mere availability of data does not translate automatically into competitive advantages. Fundamental prerequisites must be met before data collection and evaluation can lead to success. For example, data collection should be fully digitalized and structured, expertise should be built up within the company and issues relating to data security should be clarified.