The Great Data Dilemma

Collecting data for the sake of data is a fruitless endeavor. In 2021, the World Economic Forum and Boston Consulting Group joined forces to identify the challenges manufacturers face to extract value from data. The results of a survey of more than 1,300 manufacturing executives were published in the white paper “Data Excellence: Transforming Manufacturing and Supply Systems.”

Among the lightbulb moments in the report were:

• Less than 20% of those surveyed prioritize advanced analytics to promote either short-term cost reductions or longer-term structural cost improvements.
• Only 39% have managed to scale data-driven use cases beyond the production process of a single product and thus achieve a clearly positive business case.
• Many leaders lack critical organizational enablers, such as skills, capabilities and effective internal governance.

The survey also revealed some good news related to leading manufacturers that are successfully implementing analytics applications to build effective data ecosystems. Among these organizations, value is being unlocked across three key areas: increased productivity; enhanced customer experiences; and a positive impact on society and the environment.

In this issue, we offer insights on various tools, strategies and tactics to help manufacturers get the most out of the data they’re collecting—but which might yet be sitting dormant—and move their businesses forward.

We also explore the future of biomanufacturing with a profile on ARMI | BioFabUSA, which has the potential to improve and even save thousands of lives by accelerating the development of regenerative treatments and creating a manufacturing ecosystem to produce curative therapies.

And make sure you read the story of Sarah “Bogi” Lateiner, who graces this month’s cover. She is smashing glass ceilings in the world of skilled trades, creating a community and sustaining career paths for others interested in following their passion. 

It’s this type of diverse content we strive to deliver, and we hope you enjoy it. Happy reading!