Manufacturers can overcome business challenges and gain a competitive edge by investing in real-time analytics and reporting. Here, we will discuss the importance of managed analytics services and Top Managed Analytics Service Providers in Manufacturing to work with.
Managed analytics services have become popular in the last few years. Many businesses, including enterprises from the manufacturing sector, are hiring third-party and offshore service providers to implement analytics and derive real-time insights for effective decision-making.
According to Global News Wire, the global manufacturing analytics market grew at a CAGR (compound annual growth rate) of 20.7% from 2022 to 2023 to touch $11.98 billion. It is expected to touch $27.27 billion by 2027 at a CAGR of 22.8%.
The manufacturing industry needs analytics and actionable insights to make proactive decisions about raw materials, vendors, supply chain, warehousing, marketing, shipping, customer service, etc. It helps in making faster decisions and gaining a competitive edge in the markets.
In this blog, we’ll read more about managed analytics services and the top service providers in the manufacturing industry.
Data analytics is a crucial part of the modern manufacturing industry or Industry 4.0. It helps enterprises effectively streamline production, quality control, warehousing, and distribution. Data analytics in manufacturing also helps with predictive maintenance to prevent unexpected machine breakdowns and supply chain disruptions.
As per a report by Fortune Business Insights, the global smart manufacturing market is estimated to reach $658.41 billion by 2029 at a CAGR of 13.1%. Operational systems and machine data are used to improve the overall factory performance and increase the return on investment. Data analytics in the manufacturing industry is also called manufacturing analytics, where machines, people, and technology are aligned to get the best results. It minimizes the risk of errors, which can cause losses and unexpected expenditures.
Manufacturing analytics can be seamlessly provided by many leading service providers. Here’s a brief list of the top service providers in the international market.
DataToBiz is one of the leading managed analytics service providers in the manufacturing sector. The company has a vast client base and a presence in different countries around the globe. It works with MSMEs and large enterprises to streamline factory operations, procurement, supply chain, and much more. The company builds customized OEE (Overall Equipment Effectiveness) dashboards to help manufacturers reduce production delays and increase factory performance.
The company offers other services, such as the following:
DataToBiz offers end-to-end managed predictive modeling and procurement analytics to reduce costs and optimize resources for an enterprise. It has certified and experienced data analysts, data scientists, AI and ML engineers, etc., to build, deploy, implement, integrate, monitor, maintain, and upgrade data-driven models according to clients’ requirements. DataToBiz has won several awards for being a trustworthy and transparent service provider.
Alteryx powers analytical solutions for clients from diverse industries. It provides manufacturers with the necessary setup to make faster and more confident decisions at all levels and departments. The company offers a low-code customizable platform with drag-and-drop features to access actionable insights through data visualizations. It specializes in analytics insights delivery with automated reporting.
The company offers the following solutions:
Alteryx automates different steps of the process to speed up data preparation and third-party system integration. From providing advanced analytics to creating predictive models based on event triggers and converting the analytical process into automated applications, the company offers tailor-made solutions for manufacturers to unlock the power of data. It has partners in over 90 countries and follows a client-centric approach to deliver the promised results.
LatentView Analytics is a global pure-play data analytics company that helps businesses realize their potential and make the most of operational and customer data to maximize ROI. The company offers data analytics managed services in manufacturing through different analytical solutions using artificial intelligence and machine learning applications. These analytics increase the accuracy of demand forecasting reports to promote efficient decision-making.
A few services offered by the company are listed below:
Enterprises can use customer and marketing analytics to know what the users want. They can use connect vehicle analytics to streamline transportation and monitor distribution in real-time. Similarly, the supply chain and manufacturing analytics offered by the company help identify bottlenecks and overcome challenges. LatentView Analytics also offers enterprise-wide functional analytics to improve overall business performance and productivity.
Oracle is a global tech company offering a range of services to help businesses use the latest technology for day-to-day work. It builds and deploys software, customizes databases, and sets up third-party integrations. The company empowers enterprises to rethink manufacturing by revamping supply chains, adopting advanced equipment, and running analytical reports. It promotes smart manufacturing by helping enterprises adopt Industry 4.0 solutions.
The company offers the following services:
Oracle provides data science managed services and real-time analytics through cloud-based applications. It accelerates innovation and boosts brand value in the market. The company helps manufacturers automate processes and scale applications based on their needs. It was named the Leader in 2023 Gartner® Magic Quadrant™ for Warehouse Management Systems for providing seamless data warehousing to small, medium, and large enterprises.
Tredence is a data science company that helps enterprises bridge the gap between delivering insights and value realization. It offers analytics strategy and solutions to help clients reconsider limitations and overcome challenges. The company uses its powerful ecosystem to assist enterprises in achieving their business goals by leveraging data and analytics. It follows a vertical-first approach by developing AI and ML models to accelerate solutions.
The company’s services are listed as follows:
Tredence helps enterprises move from static to smart manufacturing by adopting artificial intelligence applications to derive actionable insights. The company fast-tracks value creation and promotes high-speed performance by generating reliable and accurate manufacturing analytics. It helps enterprises drive higher data efficiency and build a resilient system for decision-making.
Sisense believes in innovation and accelerates growth by offering AI and ML capabilities to clients. It is a global analytics company working with startups, SMBs, and large enterprises. It streamlines the analytics lifecycle in a business and helps build intelligence analytics into the systems. The company helps convert data into revenue by delivering powerful analytics through no-code platforms and interactive dashboards.
A few services offered by the company are as follows:
Sisense provides tailor-made manufacturing analytics by connecting data and operations through IoT (Internet of Things) devices. It offers complete solutions, ranging from streamlining sales to planning operations and combining supply chain with logistics to shorten the production and distribution cycle effectively. The company also provides white-label embedded analytics to drive business intelligence reports for decision-making.
The global managed services market is estimated at $260.39 billion in 2023 and is projected to reach $380.83 billion by 2028 at a CAGR of 7.90%, as per Mordor Intelligence. The report also says that SMBs are likely to be a driving force and will make a positive impact on market growth. It shows that successfully deployed managed services can reduce IT costs by up to 45% and increase operational efficiency by up to 65%.
In simple terms, managed analytics services take care of data collection, storage, cleaning, processing, analysis, and reporting. These insights and reports help manufacturers make effective decisions based on factual and real-time data. The service provider will run the analytics on the manufacturer’s behalf and provide the final reports to decision-makers. Managed analytical services help a business grow and offer many benefits, such as:
Analytics as a service allows enterprises to take actions based on concrete and accurate insights instead of relying on guesswork. However, building an in-house analytics team can be cost-intensive, especially if the manufacturer has to recruit new candidates and start from scratch.
By partnering with an analytics service provider, the enterprise can easily bridge the gap and start deriving insights in a quick time. The external team has the necessary expertise and technology to set up the data-driven model and provide real-time visualization reports to decision-makers.
Analytics managed services are similar to outsourcing and staffing solutions, where an external team helps the manufacturer revamp and strengthen the internal processes to achieve business goals and survive market competition in the long run.
Smart manufacturing is becoming a necessity for enterprises to survive in today’s competitive markets. It’s important to find the right MSP partner to adopt the data-driven decision-making model and use predictive analytics to increase operational efficiency.
Consider the various service providers available in the market and choose the one that aligns with the business values and mission. Managed analytics services will deliver better results when working with a long-term partner who has an in-depth understanding of the business and the industry.
Fact checked by –
Akansha Rani ~ Content Creator & Copy Writer
Sunaina Meena ~ Digital Marketing Specialist
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