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This is the second blog in a multi-part series entitled “How Digital Foundations are Enabling Industry 4.0 for Industrial Manufacturers.”
Let’s say you’re a domestic airline pilot flying a 747 with over 500 souls onboard. The particular route you’re flying is nothing special – you’ve done it hundreds of times and, besides, the airplane’s advanced navigation controls do most of the flying for you. But halfway through the flight, there is a short circuit that causes your instrument panel to go completely dark. You now must fly the plane manually, with no data on airspeed or altitude, not to mention navigational assistance of any kind.
This scenario sounds far-fetched, but it’s precisely what happens when organizations attempt to navigate a turbulent market without access to meaningful, actionable data. Sure, you can still fly the plane manually, but when faced with unpredictable, stormy conditions – such as a pandemic or recession – your chances of failure skyrocket. On the other hand, a manufacturing organization armed with the right information at the right time stands a much better chance of success.
In today’s market, volatile supply chains, inflation, shifting consumer demands, and dynamic supplier relationships make it crucial for industrial manufacturers to adopt a data-first approach. Unified sales and operations planning are no longer optional, but in fact essential, to staying competitive.
However, many manufacturers still face challenges such as outdated technology, lack of reliable system integrations, siloed business units, and inability to visualize and leverage customer and market data in meaningful ways. In our previous blog post, we highlighted the importance of having a solid digital foundation. Data and analytics play a key role in bolstering that foundation.
In this blog, we’ll explore six areas where industrial manufacturers can leverage data-driven decision making to gain a sustainable competitive advantage.
“An organization’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage.” – Jack Welch
Supply Chain Management
Only 6% of companies report full supply chain visibility. 69% of companies do not have total visibility (Zippia). By harnessing data-driven insights, companies can streamline various aspects of their operations, from planning and sourcing materials to optimizing manufacturing processes and logistics. This approach ensures timely deliveries, cost-effectiveness, and reduced waste. Additionally, analyzing return rates and implementing strategies to minimize costs associated with returns can further enhance overall efficiency. In essence, leveraging data in supply chain management paves the way for a more agile, responsive, and profitable manufacturing operation.
Data-driven decision making is the cornerstone of a competitive edge in today’s business landscape. By leveraging data insights in Supply Chain Management, Cost/Price Leadership, Revenue Operations Optimization, Product Strategy Insights, Customer Experience, and Distributor Relationships/Rebate Management, organizations can unlock their full potential. Argano’s comprehensive suite of services – including enterprise integration assessments, data strategy roadmapping, and cloud architecture assessments – can help businesses identify the best strategies for bringing their data together and optimizing their systems. By partnering with Argano, companies can navigate the complexities of the digital world with confidence, ensuring a successful and prosperous future in an ever-evolving marketplace. Contact us today for a free Data & Analytics consulting session.
Client Stories
Argano helped James M. Pleasants Company, Inc. (JMP), leverage technology to spend less time solving problems and more time innovating new products and services.
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