The manufacturing industry accounts for a significant share of GDP globally and represents a large ecosystem. However, the vast majority of global manufacturers lack the ability to swiftly respond to marketplace uncertainty and volatility despite the fact that they believe flexible operations are vital to future growth, according to an Accenture (ACN) study.
More specifically, 82% of the 250 global manufacturers participating in the study agreed that their ability to dynamically move production from one facility to another or to change their product mix at a plant will be critical to growing their business. However, at best only 27% believe any component of their operating model was very effective at accommodating a shift in resources and activities to alternate locations. Additionally, only 24% of those surveyed thought their company is highly adept at sensing market changes or opportunities before their competitors.
Big Data refers to a massive volume of structured, unstructured and semi-structured data that is so large and difficult to process using traditional computer, database and software techniques.
Big Data opens a vast array of applications and opportunities in multiple manufacturing industries including, but not limited to, electronics manufacturing, automobile manufacturing, aerospace and defense manufacturing, chemical and pharmaceutical manufacturing, metalworking manufacturing, food and beverage manufacturing, clothing and textile manufacturing, energy manufacturing, pulp and paper manufacturing, machinery manufacturing, and furniture manufacturing.
Despite challenges such as the lack of clear big data strategies, security concerns and the need for workforce re-skilling, the growth potential of Big Data is unprecedented. Mind Commerce estimates that spending on Big Data manufacturing will grow at high speed, and the total revenue will reach dozens of Billion USD by the end of 2019.
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