Published July 16 2020 by Dominic Telaro
Data, data, data – it’s so beyond important in this day and age to fully utilize business data and that goes for any business out there. The microscope to any organization is the utilization of data. If you want answers, look at the insights. However, after polling multiple companies in this survey report, only 32% of manufacturers collect and utilize data regularly. Why is that?
According to an article in Forbes, data is one of the most vital assets for any company regardless of size. It can improve decision making across all facets of an organization, boosting the bottom line. So why aren’t more companies fully utilizing what’s at their fingertips? The answer may be that, well, the data isn’t exactly right at their fingertips or that the data is neither relevant nor timely. Implementing new technologies in order to get easier access to these data resources is the direction that organizations will want to take, but a word of caution:
Implementing new technologies without a data strategy in place is a recipe for failure. To that end, manufacturers looking to harness the power of data should tie their data strategy to their business strategy.
Download the full report here to get instant access to full survey report and analysis: 2020 Manufacturing Industry Trends: Survey Result and Analysis.