Value of real time data in the modern Retail world
What do you consider real-time information? For some manufacturers, accurate data can only be acquired when a shift ends and for others, the real-time information range is shorter, spanning between four to six hours, depending on the design and technology limitations of their reporting software.
Too many manufacturers in this competitive world miss out on critical decision making pieces of the puzzle because of a lack of timely production details.
Is real-time data all that important?
Armed with the power of the modern internet, what do you now consider real-time information? Your answer should be: Instantaneous. But that is not the case… So what is the answer to this information delay?
Can you imagine if something goes wrong on your shop floor and no one is made aware for several hours? The pitfalls of operating with even slightly outdated information are great. Let’s consider some examples of common challenges where real-time information can greatly increase performance and operational efficiency.
Inaccurate scheduling: On the shop floor, you live and die by your production plan. Many manufacturers survive with dispatch lists and organize their schedules based off the fixed production time on the Bill of Material (BOM). This average time only delivers an estimate as to how long a job is expected to take and the process of work center juggling scheduling involves a heavy amount of proprietary knowledge, rough cut capacity charts and often a bit of prayer.
Late KPIs: Collecting data is easy. In today’s modern manufacturing environment, it is virtually everywhere. But getting accurate, timely, contextual data? That is a bit harder. If you don’t rapidly transform the data you are gathering into applicable analytics, you can easily get lost in it. Key Performance Indicators (KPIs) are much more effective when the information is not delayed.
Incorrect inventory: Real-time data can positively influence so many aspects of inventory control that it is difficult to mention them all here. For example, real-time information allows employees to offer accurate capable to promise calculations when quoting a job or check packing slips and current work orders for inventory availability when placing a sales order. With real-time inventory requirements gathered from forecasted work orders, received shipments and current WIP, a more detailed, accurate picture of MRP is gained to create accurate purchase orders.
A better solution:
Ginesys introduces new Analytics Dashboard Suite, powered by QlikView, a global leading company in data analytics. It is a graphical web-based tool which enables you to take business decisions on the move, by simply clicking through interactive graphical dashboards.
Go ahead…make those high-speed business decisions. Anytime… Anywhere with Ginesys Analytics Dashboard