There's no doubt that everything is moving faster these days. From manufacturing to information delivery, speed is the key to success. "Only the strong will survive" is old thinking. Now it's "only the fast will survive." Even the largest manufacturers must be agile not only to succeed but to survive. At best, decisions based on stale data waste time and resources. At worst, they can lead to catastrophe. So how do you define timely data?
Five years ago, daily production meetings to review the previous day's information and output were typical. Five years ago is now ancient history. With advances in how data can be collected, the amount of data you have at your disposal grows exponentially. If you wait for tomorrow's production meeting, you have two problems: One, there's too much data to digest. Two, the data you have is stale.
If you're reviewing data at 9:00 a.m. on Tuesday that indicates a problem began at 10:00 a.m. on Monday, the opportunity to remedy the problem has either diminished and you've lost nearly a day of production, or it turned into a crisis which you probably heard about as you walked through the door, and long before the daily 9:00 a.m. meeting. Data truly has a shelf life.
Since automation has compressed timeliness, "daily" is now outdated. You need real-time data in order to thrive, not just survive. Based on an Aberdeen Group study, the best-in-class manufacturers know that information is needed in real-time, or within the hour, in order to make the right decisions for the best results. They're way ahead of their average and laggard competitors. And they're head and shoulders above the rest when it comes to being able to get real-time data.
Data Management for BI: Fueling the Analytical Engine with High-Octane Information study
There's good news. You can compete and be counted among the best-in-class. Real-time data availability is not limited to only the largest manufacturers, nor does it carry an impossible price tag. The advances in technology that created the tidal wave of data in the first place can now be used to harness it and turn it into real business intelligence for enterprises of every size.
Imagine having your key indicators constantly monitored and receiving alerts as soon as variations are noted. You're now in the position to make decisions, the right decisions, and take action to effect the results you need… and want. It's not pie-in-the-sky thinking. It's available today. And it's cost-effective.
The speed at which information flows is destined to continue to increase. Timely can now only be defined as real-time. The sooner you take action to capitalize on the data that's already flowing through your operation, the quicker you'll position your organization to thrive rather than merely survive. And even those 9:00 a.m. production meetings can become a thing of the past.