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How to Use the True Value of Data

How much is data worth to your business? According to a study by Boston Consulting Group (BCG) and the World Economic Forum (WEF), manufacturing companies could save billions by combining their digital records. This article explains the opportunities sharing data creates for manufacturers and the obstacles they may encounter.

While big data and artificial intelligence (AI) are changing the face of industry, BCG and WEF’s research has found they also could produce benefits worth $100 billion for businesses worldwide. This conclusion is based on a survey of 996 manufacturing managers by calculating the savings their various suggestions could bring to manufacturing companies.

Data sharing is considered a viable opportunity by manufacturing managers. Of those surveyed, 72% thought sharing data with other manufacturers would improve operations, while 47% believed optimized assets are the biggest benefit of sharing data more widely. How can this contribute toward billions in savings?

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Eight Keys to Better Asset Reliability

If you’re a manufacturing plant manager, what don’t you want to see out to the production floor? Probably a significant number of things, but near the top of that list would probably be a large group of workers congregating around a critical piece of machinery that should be running—yet isn’t. Rarely does such a sight have positive implications.

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A New Age Approach to Traditional Manufacturing Issues

As the virtual world collides with real-world manufacturing issues, the winners will be those who successfully navigate the challenges of both the technology and the people who will operate it. That was the central theme of the 2018 Global Automation and Manufacturing Summit (GAMS), presented by CFE Media and Hannover Messe USA and sponsored by Siemens, SAP, Advantech, Beckhoff, Infor, Stratus, UL, Universal Robots, and Lapp.

The half-day thought leadership event that took place Sept. 12 as part of IMTS 2018 in Chicago drew a full house of manufacturing leaders looking to navigate the challenges faced in an age of robotics, artificial intelligence (AI), and the Industrial Internet of Things (IIoT).

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