IIoT business intelligence analytics impacts material handling success
Despite risks, tariffs, global uncertainty, the prognosis of the global automated material handling equipment market is strong. Companies in this manufacturing, industrial, and distribution arena integrate and invest in useful and pragmatic IIoT business intelligence; they are able to access critical market information already resonant data. Both domestic and international material handling trends, competitive analysis can never be ignored by suppliers in the sector, says Søren Block Olsen, director of marketing, TARGIT Business Intelligence & Analytics.
These business intelligence data drive impactful policies and plans as well as manufacturing processes and cost structures. Data analysed shines a light on import/export consumption, supply and demand chain information, cost, price, revenue and gross margins.
U.S. material handling equipment new orders in 2018 totaled almost $40 billion (€35.5 billion) up more than 12% year over year (YoY). New orders are growing at an accelerated pace according to the Material Handling Equipment Distributors Associations’ (MHEDA) most recent economic report. Much of this growth is driven by automation. The steadily increasing demand for pick-and-place robots is impacted by an aging workforce.
Material handling equipment manufacturers recognise the value of employee retention and engagement. Business Intelligence data helps leaders in material handling direct strategies for increasing safety, enabling an aging workforce to extend careers by avoiding repetitive and over-use injuries.
Plants are increasing investments in upgrades and new technology. Developing markets are expanding manufacturing operations, contributing to the overall growth of the global material handling industry.
Demand for digital expertise
As the demand for more safety, efficiency, and automated solutions increases, companies shift towards digitalising internal information systems. The material handling industry is projected to grow continually and must invest in talent with digital expertise to keep up. This not only maximises productivity; it keeps companies apprised of all the latest and most advanced solutions.
The industry is now embracing the importance of data management and analyses for insight on better ways to do business. The growth of the Industrial Internet of Things (IIoT) in material handling, and the need to capture and understand customers, creates a mandate to leverage this influx of data.
Until recently, much of fleet management and business decisions may have relied on little more than gut instincts and prior experience. Modern material handling businesses cannot run on a “status quo” strategy. An all-encompassing business analytics strategy touches every department of the organisation; it streamlines processes and reveals the insight needed to operate profitably. It improves the customer experience and offers transparency, flexibility, and freedom from the complexity that has plagued the industry until now.
Harnessing and analysing data addresses the most critical daily challenges faced by material handling companies. From managing complex billing and scheduling, balancing asset portfolios and cash flow, to delivering full insight into fleet utilisation, improving customer service, and managing the equipment lifecycle, the answers can be found in well-organised business intelligence data.
Increasing flow of data requires discernment and which metrics to monitored most closely. There are many important KPIs to consider. Download a 24 page eBook here.
The author is Søren Block Olsen, director of marketing, TARGIT Business Intelligence & Analytics
About the author
Søren Block Olsen, the Director of Marketing at TARGIT Business Intelligence & Analytics, works with data-rich marketing systems providing him with first-hand insight into customer and market behavior. Olsen specialises in designing processes and systems to collect and turn data into useful information that supports business. He thrives on being where IT meets business, surrounded by people who are curious about the world and embrace changes because the status quo is not good enough.
He has earned a Bachelors in Global Business Engineering and a Master of Science in International Technology Management from Aalborg University.