PALO ALTO, Calif.--(BUSINESS WIRE)--Manual processes and slow digital transformation within the manufacturing industry are inhibiting professionals from utilizing data to improve efficiency and processes, according to a new report.
The report by Plutoshift, a performance monitoring solution for industrial processes, shows that nearly half (48 percent) of manufacturing companies use spreadsheets or other manual data entry documents. As a result, only 12 percent are able to take action on their data insights automatically.
The report, “The Challenge of Turning Data into Action,” is based on a survey of 500 mid-level manufacturing professionals.
Manual processes, like spreadsheets and standalone solutions, are still used to collect and analyze data, creating inconsistent data, causing cost overruns, and imperiling regulatory compliance. Additionally, error-prone manual methods are causing mistrust in the data collected with 37 percent of respondents saying they can’t take action on company data due to a lack of trust in the accuracy of that data.
To help mitigate these issues, more than three-quarters of manufacturing professionals (76 percent) identified software solutions that allow them to analyze data in real-time as a top solution. Over half of companies rely on other solutions like creating more efficient ways to communicate updates to people on the line and software that can be integrated with other systems so all data and information can be viewed in a single platform.
“The amount of tools available to transform the manufacturing industry grows every year,” said Prateek Joshi, CEO and founder of Plutoshift. “But the ability to keep accurate and up-to-date reports on the performance of processes is paramount. Manufacturers are struggling with this endeavor, despite the myriad of tools available. They need simple, reliable solutions to surface insights of their data at the right time and to make actionable, proactive decisions.”
Other key findings from the report include:
- 28 percent didn't know if their company is collecting Industrial IoT data via remote sensors
- The risks of not being able to react automatically to data insights are lack of process improvements (65 percent), lower response time in informed decision-making (60 percent), and increased waste (59 percent).
- The top four types of data collected are quality assurance (67 percent), operational efficiency (64 percent), labor time (63 percent), and cost of materials (63 percent).
To view the complete report, click here.
Plutoshift provides a performance monitoring SaaS solution for industrial processes in water, food, beverage, breweries, chemicals, energy, logistics, and related verticals. The solution enables real-time tracking, management, and prediction of key cost drivers and resources critical to industrial processes. Plutoshift’s AI-driven technology and industry expertise transforms inefficient legacy monitoring into modern performance monitoring that tracks and delivers accurate and consistent information in real-time. This information is immediately actionable via automated decision-making or quick action by managers or operators. This type of decision-making can only be made when there is confidence in the information extracted from data - a single version of the truth. Plutoshift provides a customizable and scalable solution that gathers and organizes data from multiple systems, giving managers the confidence to take action to reduce the costs of energy, chemicals and labor, and minimize safety and compliance risk.