Waste is one of the main contributors of annual manufacturer financial losses. The traditional reasons for this include among others, unintended downtime, material waste, overproduction, quality-control losses, and poor capacity planning. But there is a more subtle type of waste that leads to flawed insights and poor decision-making: inconsistent or inaccurate data. The evident answer is to have access to consistent, reliable data that allows opportunities for continuous improvement, but this is easier said than done since many manufacturers still exercise manual data collection.
Our article, IOT of the future – IOT data in demand forecasting, offers a succinct discussion about demand forecasting in IOT and industrial IOT. It delves into the reasons why demand forecasting can facilitate main business drivers such as improved accuracy, improved tracking, employee turnover and ultimately, improved customer service.
It then goes on to discuss the benefits of using IOT data in demand forecasting highlighting benefits such as optimised inventory levels and customer satisfaction, more accurate labour scheduling to meet customer demands and increased maintenance efficiency with just-in-time predictive maintenance.
With rapid changes in customer demands, collecting and analysing data over time can foster accurate demand forecasting for both inventory and labour. This means demands are met which in turn will see company revenue increase.