How the Building Products Industry Can Leverage Data & Analytics
Building product manufacturers are faced with several challenges that big data and predictive analytics are ideally suited to solve. The key to unlocking the power of all this information is finding ways to structure and analyze the data collected data to make actionable decisions to improve their bottom line.
Manufacturers that have found a way to leverage their data can make better decisions, increase productivity, optimize operations, and reduce supply chain risk. With artificial intelligence and machine learning systems, firms can turn the mountains of data they have collected over the years to expand into new markets and territories, perform proactive maintenance on their manufacturing equipment, improve the quality of their products, and optimize their supply chains.
Here’s a look at a few of the ways that data and analytics are being used by building product manufacturers to improve various aspects of their business.
All manufacturing equipment breaks down at some point. Rather than waiting around for it to happen and possibly causing unexpected interruptions in product manufacturing, firms can use data gathered from equipment to predict when parts and components are nearing the end of their lifecycle.
Using this data in conjunction with your production schedules means that maintenance work can be scheduled when it will have the least impact on production. It also means that parts can be ordered ahead of time and you can eliminate costly downtime when equipment breaks down unexpectedly. Using data for preventative maintenance can also help prolong the life of manufacturing equipment.
Time is money. Building product manufacturers with inefficient processes and equipment may be completely unaware they are losing money due to low production capacity. Real-time data from controls and sensors can be used to identify deficiencies in their production lines.
By analyzing this data, building product manufacturers improve their operational performance by upgrading outdated equipment, rearranging asset locations, and making changes to their production processes. Even the slightest improvements in production efficiency can lead to cost savings, reduction of waste, and improved capacity utilization.
Expanding Into New Markets and Territories
For building product manufacturers looking to grow their business by expanding into new markets and territories, analyzing current market conditions and long-range forecasts are important. Using data on construction starts and construction spending can show sales teams where they should focus their efforts.
Analyzing economic forecasts might show that retail construction is slowing or that office construction is expected to experience double-digit growth over the next few years. By understanding where the construction industry is headed, building product manufacturers can build a sales strategy roadmap that allows them to target the right clients and market their products in the areas with the most potential for growth.
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