Recently, LNS Research and MESA International completed the fourth edition of the biennial Metrics that Matter research study, which focuses on identifying the key trends within industry and the performance measurements that are driving value for companies today. In this iteration, the evolution of emerging technologies like the internet (and industrial subset) of things (IoT/IIoT), the cloud, and big data analytics was shown to be a substantial factor in how organizations are investing in financial and operational improvements and trying to drive ROI. There were some particularly interesting results on how companies are approaching analytics today and what trends are being seen within the areas of maintenance and asset performance management (APM).
In this article, we’ll dive deeper into the methodology of the study, important trends around awareness and adoption of technology, and how manufacturers are approaching analytics capabilities today to improve APM, minimize risk, and start the transition toward new business models enabled by new levels of reliability and uptime.
Changing view of manufacturing
The traditional view of manufacturing as a series of self-contained islands of automation, expertise, and control is becoming at odds with the situational reality. Both executives and IT staff are taking more interest in the interconnectedness of these areas than has been typical in the past. As the relationship between manufacturing performance and profitability becomes easier to identify and articulate, the C-suite is perking up to how manufacturing can be leveraged to transform business and the bottom line.
Read the rest of this article from our sister publication Plant Services.
