Monetizing data in manufacturing
How manufacturers can increase efficiency, drive innovations and new business models based on data
Data is a key building block of a successful digital transformation strategy as it is a vital enabler to either optimize efficiency of manufacturers’ value chains or to develop new data-driven business models. According to PAC's vision, there will be a future business architecture that puts data at the center and allows to capture, store, transform, and analyze both internal and external data from a wide variety of sources and in different formats in a way to make this data available and accessible to processes, interactions, and applications.
However, data by itself is not a value driver. In fact, many industrial manufacturers today are not challenged by a lack of data but too much data, which has been captured, for example, from production machines and tools in operations or maintenance, and repair data that is kept in service and support applications.
Monetizing this data does not necessarily mean that manufacturers have to come up with and develop new business models right away, which is what many manufacturers today often think due to data-driven “as-a-service” business models and innovations being hyped by the trade press, trade shows, and media. We will take a closer look at how data can be monetized by increasing efficiency in some of the core manufacturing value chains, namely in R&D and engineering, shop-floor operations, and service and support.
Download the whitepaper on "Monetizing data in Manufacturing" written by PAC (Pierre Audoin Consultants)