KEY RECOMMENDATION 9
Explore the Real Value of Data in Manufacturing
Explore the Real Value of Data
84 Within the Fourth Industrial Revolution, digital technologies are providing low-cost access to a large quantity of data from products and processed. This access to data is unprecedented and has allowed decision makers the means to access the knowledge that is implicit within this data. However, the data that is accessible to companies is not exclusively useful for just one business but rather their entire supply network including customers and policymakers. Therefore, stakeholders are encouraged to explore the value of data driven cognitive manufacturing to help improve products and processes within global supply networks.
While data is still associated with products and processes, it is not yet considered on its own as a factor of production such as raw material, capital, labour, and energy. Stakeholders must create a way to measure the value and productivity of data as part of the whole production process. Data that is acquired within a company can be incredibly valuable once properly analysed and viewed in context of both processes and global supply networks. When companies and their supply networks view and begin to utilise data as a resource in and of itself, they begin to unlock doors to understanding how to improve and streamline processes. Therefore, data must start to be considered as a vital part of any production processes in order to understand and incorporate valuable information.
However, there are potential barriers to utilising and sharing data. This is why utilising data as its own resource must become a priority. By setting up cybersecurity measures and making a concerted effort to incorporate data into decision making processes, companies open the doors to new knowledge that can greatly help to improve their organisation.