Episode 2: Data is Everything
In this summer sequel to June’s premiere of (R)Evolutionizing Manufacturing, Jeff Winter and Smart Industry’s Scott Achelpohl take on data, “The Good, the Bad, and the Ugly” of a basic and perhaps most important issue in any digital transformation: the information your company has and how it’s used.
At the end of the day, it’s all about data.
“All the cool new technologies and transformational initiatives you hear about revolve around properly capturing and extracting value from data,” as Jeff points out in this new episode.
Questions Jeff answers in this episode:
You are known as the stats and trends guy. Tell me some of the most interesting stats you have found as it relates to data.
What are some other examples in digital transformation where intact data is imperative for success?
What are some unconventional data sources that manufacturers can tap into for better decision-making?
How might small to midsize manufacturers adopt data monitoring/analytics tools without significant financial investment? Are there any supporting software companies that you see do this the best?
Of all the data created/collected by manufacturers, how much is actually useful?
What kind of data is easy to use and takes less effort and cost?
Sources Referenced:
Statista - Amount of data created, consumed, and stored 2010-2020, with forecasts to 2025: https://www.statista.com/statistics/871513/worldwide-data-created/
TechCrunch - Eric Schmidt: Every 2 Days We Create As Much Information As We Did Up to 2003: https://techcrunch.com/2010/08/04/schmidt-data/ (Video of speech: https://www.youtube.com/watch?v=UAcCIsrAq70)
Morgan Stanley - Engineering the 21st Century Digital Factory 2017 (Since 2010, manufacturing has collected 2,000 petabytes of potentially valuable data, but discarded 99% of it): https://www.morganstanley.com.au/Ideas/manufacturing-a-digital-future
Cybercrime Magzine - Cybersecurity Ventures, 2024L - The World Will Store 200 Zettabytes of Data by 2025: https://cybersecurityventures.com/the-world-will-store-200-zettabytes-of-data-by-2025/
Cloudscene - Number of Data Centers in the United States of America (accessed 7/9/2024): https://cloudscene.com/market/data-centers-in-united-states/all
Boston Consulting Group - A New Architecture to Manage Data Costs and Complexity, 2023: https://www.bcg.com/publications/2023/new-data-architectures-can-help-manage-data-costs-and-complexity
IoT Analytics - Industry 4.0 Adoption Report 2022: https://iot-analytics.com/product/industry-4-0-adoption-report-2022/
MESA - Information in Manufacturing #1: Manufacturing Data Capture and Exchange, 2023: https://blog.mesa.org/2023/08/information-in-manufacturing.html
LXT - The Path to AI Maturity 2024: https://info.lxt.ai/the-path-to-ai-maturity-2024
Computers & Industrial Engineering 171(18):108444, Opportunities for using eye-tracking technology in manufacturing and logistics: Systematic literature review and research agenda, June 2022: https://www.researchgate.net/publication/361882504_Opportunities_for_using_eye_tracking_technology_in_manufacturing_and_logistics_systematic_literature_review_and_research_agenda
MIT Technology Review - Taking AI to the next level in Manufacturing, 2024: https://www.technologyreview.com/2024/04/09/1090880/taking-ai-to-the-next-level-in-manufacturing/
Gartner - How to Improve Your Data Quality, 2021: https://www.gartner.com/smarterwithgartner/how-to-improve-your-data-quality
Harvard Business Review - Bad Data Costs the U.S. $3 Trillion Per Year, 2016: https://hbr.org/2016/09/bad-data-costs-the-u-s-3-trillion-per-year
