Framingham, MA – IDC Manufacturing Insights has announced a new report that shines a spotlight on the current application of big data and analytics (BDA) across manufacturing segments, and identifies some of the ways in which leading manufacturers are approaching BDA to maximize its potential. The new report, “Business Strategy: Making Progress with Big Data and Analytics in Manufacturing,” (Document#MI249407) will help manufacturers understand the business value their peers across value chains expect, as they capture and analyze a variety of data enterprise wide.
"The purpose of this report is to help manufacturers understand where manufacturers are expecting to derive value from BDA today and what applications are receiving the greatest attention," explains Kimberly Knickle, practice director, IDC Manufacturing Insights. "Manufacturers can use this report when considering their own big data and analytics strategy and approach, using the information here to further drive BDA adoption."
Big data and analytics (BDA) continues to gain attention from leading manufacturers, and the volume and variety of data being captured and analyzed continue to grow at astonishing rates. The promise of better and faster data-driven decision making has pushed BDA technology to the top of executive agendas. Many organizations, however, do not yet have the capabilities to address the range of technology, staffing, and process requirements needed to capitalize on big data assets and to deploy analytics pervasively. This IDC Manufacturing Insights report takes a closer look at how manufacturers are addressing BDA challenges and opportunities. The core question manufacturers must address is how to leverage BDA effectively to maximize the impact on their organizations and their value chains.
Key findings from the new report include:
- According to IDC's 2013 Global Technology and Industry Research Organization IT Survey, nearly 51% of respondents expect to generate new revenue streams from BDA projects, while 36% expect to increase operational efficiencies from big data initiatives.
- There are many different approaches for manufacturers to leverage the potential of big data and analytics, some of which will be specific to the industry segment in which they compete. Survey results highlight the ways in which different manufacturing value chains are choosing to apply BDA to their unique business challenges and opportunities.
- As manufacturers build the systems for capturing the right combinations of structured and unstructured data and applying analytics tools to move the needle in real time, the results of BDA investments will be seen across manufacturers' value chains as they increasingly become demand oriented, data driven, and digitally executed.
- Ideally, manufacturers should recognize BDA as an enabler for providing a picture of what has happened, what is happening right now (real-time or near-real-time info), and what will happen tomorrow and in the future.
According to IDC Manufacturing Insights, BDA will remain one of the top investment priorities for manufacturing organizations of all sizes for the foreseeable future. Today, there are some encouraging examples where the intersection of BDA with other 3rd Platform technologies creates new opportunities for companies to improve productivity, speed, quality, innovation, and resiliency. For example, from a BDA perspective, IDC Manufacturing Insights sees opportunities for manufacturers to enhance their product innovation cycles by engaging in visual decision making and optimizing product economics. In the supply chain, BDA is driving better segmentation and integrated planning. And in operations, the rise of BDA-driven manufacturing intelligence ultimately supports the factory of the future. As manufacturers build the systems for capturing the right combinations of structured and unstructured data and apply analytics tools to move the needle in real time, the results of BDA investments will be seen across the value chains.