How Microsoft Power BI can transform operations in the manufacturing industry?
Manufacturing operations are a complex web that requires smooth integration and functioning of multiple processes. Everything needs to be in unison to ensure products get built without any errors. The complexities involved in the process often necessitate the need for business intelligence (BI) data.
BI helps organizations improve operational efficiencies and associated processes. And Microsoft Power BI is the number one support system in this aspect. In this article, we explore the concept of Power BI in manufacturing. Furthermore, we also help you understand how it will improve your operational efficiencies.
Challenges faced by manufacturing businesses due to a lack of data analytics
Manufacturing businesses face several challenges without data analytics, but here are a few common ones.
- Product designing
Designing can involve a lot of trial and error if sufficient data is not available to meet customer expectations. Ideal designing can take a hit in the prototype, leading to several iterations. There is no way to test design efficiency without creating a sample product.
- Automated manufacturing
Manufacturing processes can involve significant human intervention, follow-ups, and iterations without data analytics. There will also be risks associated with product output due to human errors. According to research, 23% of the unplanned downtime in the manufacturing sector can be due to human errors.
- Product management
There can be several critical decisions in the manufacturing process affecting your revenue. One of them is understanding how much you want to produce. If you underestimate the demand, you may not be able to meet customer requirements. There can also be revenue loss if you overestimate the need and produce excess quantities for which there are no takers.
Importance of data analytics in manufacturing operations
Data analytics helps manufacturers improve product quality in several ways. These include optimizing product output, managing defect density, analyzing buying trends, and understanding customer feedback.
- Product optimization
It becomes possible through machine learning models and IoT sensors. You can leverage product usage details to comprehend the usage rates of different components. Product data also helps you understand defect density arising due to various processes. It is best to keep the defect density ratio as less as possible.
- Manufacturing analytics
Improving product throughput becomes possible through manufacturing analytics. You can detect production anomalies in time to prevent them from affecting your operations. Machine learning algorithms and IoT sensors help identify unusual activities that could pose problems.
Timely alerts and flagging of issues help your production managers solve them before they affect the production process. Data analytics also minimizes risks and costs related to downtimes and failures. You can predict failures to prevent downtimes and enable improved predictive maintenance.
- Customer analytics
You can visualize business data to understand buying habits and customer behavior patterns through related analytics. It will help you plan your production much better through accurate forecasts. Your production output will also align with the customer’s expectations.
How Microsoft Power BI can fuel your manufacturing operations
Microsoft Power BI comes with several benefits to skyrocket your manufacturing operations. Here’s how business intelligence in manufacturing will help your business.
- Adds resiliency to your supply chains
You can understand issues plaguing your supply chains and take corrective measures. It is possible through actionable insights related to inventory capacity, warehouse storage limit, delivery logistics, etc. You will be able to forecast and meet supply demands much better.
- Makes your operations agile
Power BI makes it possible to improve operational efficiencies in real-time. You can analyze costs, production capacities, and output data for streamlining operations. IoT sensors help you predict performance issues and prevent disruptions in time.
- Promotes innovation
Reporting and dashboard solutions for manufacturing help you encourage innovation like no other. You can promote a data-driven culture to unlock newer business opportunities. Your employees can have real-time data access that they can leverage for improved collaboration across the organization.
- Helps improve customer satisfaction
Power BI offers analytics that helps you understand your customers better. You can understand their personalities much better by analyzing user insights. It will help you create personalized experiences essential to making customer experience worthwhile.
- Transforms your employees
The Power BI dashboard will give your employees everything they need to make better decisions. It will help you transform your manufacturing operations with Power BI to reduce the decision-making time from months to hours. They can access production, revenue, and sales data in real-time. Data security and access controls ensure your employees can access information anywhere without compromises.