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Efficiency is critical for all businesses, not least those that operate in the manufacturing industry. All it takes is one mistake on the production line — be it a human-made or machine-related mistake— and whole operations can be ruined and shut down immediately.
Data science encompasses numerous technologies, including big data analytics and artificial intelligence (AI). Entire sectors and individual companies can depend on it for a variety of reasons.
From over 20,600 Key Performance Indicators in our database, every month we select the most popular KPI and provide you with useful information about its calculation formula, benchmarking data, as well as on the best practices to maximize performance results.
In the past few years, the global economy has been slowly throttling down. This phenomenon is not something new, as growth has not been rising as fast as it had in the last 50 years. The effects of such a down-throttle can lead to uncertainty, tensions and oftentimes serious conflicts.
The manufacturing industry is heading towards a crucial development stage, driven by modern trends. Production facilities have evolved from being dirty and unsafe workplaces, into modern and sophisticated plants with powerful technology and complex data systems. State-of-the-art manufacturing systems have rendered human intervention to mere button pressing at the beginning of the production cycle.
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