Manufacturers Bank On Big Data

Sept. 14, 2016
A recent Honeywell survey of manufacturing executives indicates many respondents are planning to invest in data analytics even as they pare back spending in other areas.

A recent survey of manufacturing executives from Honeywell Process Solutions (HPS) reportedly indicates 67% of respondents are pressing ahead with plans to invest in data analytics even as they pare back spending in other areas. Many say they view data analytics – a key component of the Industrial Internet of Things (IIoT) – as a viable solution to a cycle of problems that lead to downtime and lost revenue, according to HPS.

More than 200 North American manufacturing executives reportedly took part in the survey titled “Data’s Big Impact on Manufacturing: A Study of Executive Opinions.” The survey was jointly conducted by HPS and KRC Research Inc., from May 23 to June 8, 2016.

Among other key findings of the survey, according to HPS:

· 71% of respondents said they experienced equipment breakdowns at least occasionally.

· 70% believe big data analytics can help reduce equipment breakdowns.

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