Making Better Decisions: The Power of Data in Australian Manufacturing

Data is now a driving force across many sectors, and the manufacturing industry is right in the thick of it. In the second episode of Manufacturing Tech Australia, Brad Parsons, the founder of Movus - an IoT company that focuses on preventative maintenance - likened data to the "new gold" in manufacturing.

Data doesn't have to be an intimidating or abstract concept.. At its most basic level, it's just information that your teams use to collaborate on the manufacturing floor. Tools like Team Assurance, a cloud-based collaboration tool that uses operational data to connect management to the shop floor is a classic example, Brad argues, for how to leverage data in your day to day operations.

Digitising your machinery can provide critical insights about their operational status, enhancing the overall manufacturing process. "If you can digitise those machines, you can understand when they're running or when they're not," Parsons explained, and that equates to potential savings. Parsons encourages businesses to scrutinise their costs and revenue sources and explore opportunities to leverage digital technology.

But with data being the new 'gold', everyone wants a piece of it!

Brad offered significant insights into the changing landscape of manufacturing, saying,"Machine manufacturers are now rethinking their approach, Instead of planning for a half-million-dollar upgrade in five years, … they're thinking about things like data sharing agreements and whether they have access to all the machine data because that's going to be the gold." This means that equipment manufacturers will likely offer very different approaches to selling their equipment in the future. This trend has already begun with ‘servitisation’ and might look like a pay per output or pay per use model, rather than a large up-front capital outlay, for you next lathe or bender.

Your 'gold' is precious, and it's important to treat it as such. Ownership and access to data are areas that need real attention. Businesses should ask who owns the data their equipment produces and how they can access it. If a vendor claims exclusive ownership, that's not OK. A co-ownership situation could work if there's a clear benefit to your business. But no matter what, addressing this concern is a must. "Do I have the rights to that? Is there a data sharing agreement or does the vendor still own the data? If the vendor owns the data, you probably want to be asking that question." Parsons advised.

There is immense and increasing value of data in Australian manufacturing. Understanding and effectively harnessing it can offer growth businesses a treasure trove of insights, helping to plan for the future and drive success.

If you’re up for a conversation about how you could leverage digitisation of your equipment to find operational efficiency and drive growth, you know where to find me.