FROST RADAR(TM): Manufacturing Analytics, 2020
NEW YORK, June 15, 2020 /PRNewswire/ -- Manufacturing companies are constantly looking for new ways to streamline their operations, increase the productivity and profitability of operations. They now seek to optimize one of their own most valuable assets--data.
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New data grows exponentially because of the increase in the level of networking and connectivity among people and machines/devices.Businesses also grapple with massive volumes of historical data.
Managing the complexity of both historical and new data, making sense of it, and translating it into critical business decisions can be daunting.Not all companies can analyze and extract insights from data.
Powerful and advanced manufacturing analytics can convert data into actionable insights and help manufacturers identify hidden bottlenecks or unprofitable production lines, improve decision making, and drive revenue. The benefits of leveraging manufacturing analytics are many: higher revenue, lower cost, higher customer satisfaction, increased production yield and throughput, improved product quality, and reduction in unplanned downtime. Predictive maintenance and supply chain optimization are two of the most important applications of manufacturing analytics. Manufacturing analytics is witnessing steady growth due to the growing focus on Industry 4.0 initiatives and continued recognition of the critical role of analytics. As the manufacturing industry is now focusing on ways to analyze, monitor, predict, contextualize, and visualize processes and asset performance, the number of companies to leverage new technologies and advanced manufacturing analytics solutions has increased. This research indicates that manufacturing analytics forms the basis for digital transformation initiatives of companies in the manufacturing industry and that current analytics solutions leverage artificial intelligence and machine learning technologies. The radar(TM) reveals the market positioning of companies in an industry by using their growth and innovation scores as highlighted in the radar(TM) methodology. The document presents competitive profiles of each of the companies in the radar(TM), based on their strengths and opportunities, and provides a small discussion on their positioning. The analyst examines hundreds of companies in the industry and benchmarks them across 10 criteria on the radar(TM) where the leading companies in the industry are then positioned. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients. The companies we have included in this radar are Northwest Analytics, TrendMiner, SightMachine, Seeq, AspenTech, Falkonry, MachineMetrics, Tulip, Dassault Systemes, Element Analytics, and SensrTrx.
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