A Guide to Manufacturing Data Analytics
Data is the New Oil
Clive Humby, UK Mathematician and architect of Tesco’s Clubcard is widely credited as the first to coin the phrase in 2006: “Data is the new oil. It’s valuable, but if unrefined it cannot really be used. It must be changed into gas, plastic, chemicals, etc. to create a valuable entity that drives profitable activity; so, must data be broken down, analyzed for it to have value.
There is no doubt that we are witnessing an authentic technical revolution. Call it Industry 4.0, Internet of Things, Big Data, or Artificial Intelligence; the proliferation of solutions facilitating Industry 4.0 is accelerating.
Whatever the perspective is with which we look at this fast- paced evolution, there is an asset that is at the center of everything: data.
However, contrary to what happened in the previous industrial revolutions where manufacturing was at the focus of the revolution, manufacturing has lagged in implementing the base technologies underlying this data transformation. It has been conservative and extremely slow to realize that the application of these technologies is invaluable, perhaps much more than in any other segment. They are refining, but at a much slower pace.
Case in point, the term “The Internet of Things” was coined by Kevin Ashton in a presentation to Proctor & Gamble in 1999; and more than 20 years later, manufacturing is still learning the meaning of IoT and trying to devise strategies to take advantage of it.