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Three Ways Predictive Analytics Add Value to Manufacturers

Many manufacturers are benefiting from predictive analytics today. For years manufacturers have been collecting data from their manufacturing processes. As the internet of things (IoT) has evolved, manufacturers have even more data at their disposal. They are collecting data from the supply chain. They are collecting data from production processes. They are collecting data as the goods they produce begin their useful lives in the hands of customers. The analyses of this data provide significant benefits to manufacturing organizations. More than nine in 10 (94%) participants in our Next-Generation Predictive Analytics benchmark research reported that predictive analytics can have a significant positive or transformational impact on their organizations.

The availability of inexpensive data storage and increased computational capability means that organizations can use more sophisticated algo-rithms and explore more alternative analyses to produce models that ultimately provide more accurate predictions. With these powerful mo-dels, more than half of manufacturers reported they have achieved a competitive advantage and reduced costs through improved opera-tional efficiencies. In addition, nearly half cited increased profitability, increased workforce productivity and new revenue opportunities.

 
 

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About the Author

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David Menninger

SVP and Research Director
Ventana Research

David Menninger is responsible for the overall direction of research on data and analytics technologies at Ventana Research. He covers major areas including artificial learning and machine learning, big data, business intelligence, collaboration, data science and information management along with the additional specific research categories including blockchain, data governance, data lakes, data preparation, embedded analytics, natural language processing (NLP) and IoT.