Business Intelligence: 2019’s Biggest Manufacturing Trend

Have you heard about business intelligence? This concept is expected to be the biggest trend in manufacturing in 2019. But what is it exactly? It’s also referred to as descriptive analytics and it leverages software turn data into real actionable advice to help move a company forward. It doesn’t predict an outcome but simply shares the information so you can use it to make informed decisions about your business. How can this benefit your shipyard? Here are a few things to consider.

  • Cost reduction. By using data to determine how and why people are working with the shipping and shipbuilding industry, companies can make determinations about how to move forward. Assessing the market conditions and determining the profitability of your business can help you create more value for customers. You can use business intelligence you’ve gathered to review the costs for your shipyard over the last year and determine any potential changes.
  • Improved productivity. Business intelligence can also give you the tools you need to improve productivity in your shipyard. You may begin to see patterns in efficiency that can be improved or capitalized to create even better procedures. It can also help you recognize safety issues before they become a problem. With the data gathered, you can work on incentivizing your team or creating a motivational program.
  • Supports decisions. Unlike other aspects of big data technology, business intelligence doesn’t predict outcomes, but it can give you to the tools and information you need to create a plan for long term goals. It provides the data that can support the decisions you make to move forward into the future. You can determine the goals you have for your shipyard in 2019 and use the data you get from Business Intelligence to decide on your method to achieve them.
  • Uncovers opportunity. Data analysis on this level can also give you the tools you need to analyze customer behavior to help you target them directly for future opportunities. For example, you may begin to notice a product gap that you can redirect resources to and fill that need in the marketplace. You can approach industries you hadn’t considered or talk to your current customers about added value you can provide.

Do you want to know more about reaching your goals this year? Contact the team at Hutco today.