Artificial Intelligence/Machine Learning and Big Data are recognized as the #1 and #2 most hyped technologies in the industrial technology landscape today. At the same time, the hype is not void of momentum, compared to the 2018 Analytics That Matter (ATM) study; there has been a dramatic increase in analytics capabilities over the past two years. LNS survey data shows that there has been a 52% increase in the share of industrial companies with a formal analytics program. There also has been a 102% increase in diagnostic capabilities and a 66% increase in predictive capabilities. That is the good news.
Unfortunately, the industry also still has significant challenges. We have only seen a 39% increase in prescriptive capabilities – well behind the increases in diagnostic and predictive. Furthermore, all of these increases in analytics capabilities have had a limited impact on ultimate operational and business performance. Average Overall Equipment Effectiveness (OEE) and average On-Time Delivery show no appreciable improvement over this same two-year time period.
In this new study, LNS Research will show how analytics is a critical component of Industrial Transformation (IX) and how the enhanced decision-making capabilities provided by analytics can help drive success in transformation and improve business results.
About Encompass Solutions
Encompass Solutions is a business and software consulting firm that specializes in ERP systems, EDI, and Managed Services support for Manufacturers and Distributors. Serving small and medium-sized businesses since 2001, Encompass modernizes operations and automates processes for hundreds of customers across the globe. Whether undertaking full-scale implementation, integration, and renovation of existing systems, Encompass provides a specialized approach to every client’s needs. By identifying customer requirements and addressing them with the right solutions, we ensure our clients are equipped to match the pace of the Industry.
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