Manufacturers can use ‘assets-as-a service’ approach to build better products
By Kevin Dherman, Chief Innovation Officer at SYSPRO Innovations and the evolution of technology has seen a positive shift in how businesses are able to capture data to help them make informed business decisions. In the span of a decade or two, businesses have progressed from the time intensive process of manually gathering data across the business to try to draw a meaningful conclusion from any further examination. The challenge was that a good data conversion seldomly made an impact across the value chain but thankfully, the rise of digitalisation and automation in manufacturing is resulting in the generation of a colossal volume of data. Today, new technologies are connecting the manufacturer directly to their operations and their customers like never before. With historical data as a foundation, manufacturers can fulfill a promise to end customers. They can track inventory anywhere in the supply chain as well as track and forecast delivery dates of raw materials as well as accurately forecast manufacture dates. One way in which manufacturers are collating data at the edge is through the Internet of Things or a network of interconnected sensors, instruments and other devices. Businesses are then able to access a single source of truth through their ERP system and use data insights to facilitate the improvement of productivity and efficiency. While data insights are clearly the route to improved operational efficiencies, the industry is also asking whether there is an opportunity to generate new revenue streams through data monetisation and the re-exploration of business models. Defining data monetisation Gartner defines data monetisation as the process of using data to obtain quantifiable economic benefit. Internal or indirect methods include using data to make measurable business performance improvements and inform decisions. External or direct methods include data sharing to gain beneficial terms or conditions from […]