How to be profitable in the 4.0 industry?
In recent years, the Spanish manufacturing industry has experienced an increase in competitiveness and internationalization. This has happened in a business context where it is essential to improve operational efficiency in order to compete successfully in an increasingly demanding and global world. The question is: how can we increase profitability in today’s manufacturing industry?
In the data age, process digitalization in the 4.0 industry is helping to dynamize the production and logistics processes of companies.
Achieving goals such as making production more flexible in times of high demand volatility, maximizing the performance of production lines, making delivery times more flexible, optimizing the use of resources (human, material or financial) or improving customer relations is becoming increasingly complex and expensive.
In a data-driven world, the use of traditional uncooperative tools, such as spreadsheets, is not effective in making increasingly complex decisions and in creating the agility that markets require. To increase profitability in today’s manufacturing industry is only possible if the right tools are used.
Solutions based on predictive analytics and prescriptive analytics make it easier and faster to make decisions based on data, helping to automate and optimize complex processes through algorithms that are aimed at improving productivity, profitability and efficiency. Enabling greater control and visibility of operational processes to make better decisions. In this way, you can increase profitability in today’s manufacturing industry.
In fact, according to McKinsey&Company, the use of data and advanced analytics in a manufacturing company can currently lead to improvements of up to 40% in the company’s total gross margin.