Data analytics ‘can combat biggest business threats’

14 Sep 2016

Manufacturers are pressing ahead with investment in data analytics to ensure they are Internet of Things-enabled, according to a report by Honeywell.

According to the report, which surveyed over 200 manufacturing executives in North America, data analytics software could be used as a solution to reduce downtime and lost revenue as the industrial Internet of Things (IIoT) becomes a reality.

Executives need to keep their businesses running smoothly and safely, and they’re banking on IIoT technologies to help navigate challenges

Andrew Hird, vice president, Honeywell Process Solutions Digital Transformation

Nearly 70% of respondents suggested data analytics was a necessity, despite considering cut backs in other areas.

“Executives need to keep their businesses running smoothly and safely, and they’re banking on IIoT technologies to help navigate challenges, even during cash-strapped times,” said Andrew Hird, vice president and general manager, Honeywell Process Solutions Digital Transformation.

The survey reveals that 63% think access to data would enable well-informed decisions in real time, limit waste (57%), and help predict the risk of downtime (56%).

“It’s easy to put that puzzle together – these executives correctly believe data analytics can help them combat the biggest threat they see to business: unscheduled downtime,” Hird said.

However, the survey also indicates that 32% of respondents are not currently investing in data analytics, while 33% said their companies are not planning to invest in data analytics in the next 12 months, or are unaware of any plans to do so.

Of those with no plans to invest in data analytics, 45% said their companies have seen some growth without data analytics.

Meanwhile, 61% said their companies have the systems in place to ensure “safety, yield and success”.

“For some companies, hurdles remain before the IIoT can be fully adopted,” Hird said.

“Some don’t believe they need it while others say they lack the resources to do it right. The good news is that IIoT is something that doesn’t require a wholesale change – it can be phased and scaled depending on an individual company’s circumstances.”