Mitsubishi Electric to showcase data analytics solutions at Modern Manufacturing Expo
Peter Drucker’s statement that ‘you can’t manage what you can’t measure’ has quickly become the new business mantra. Reliable, accurate information is imperative to the development of a successful business strategy. Yet collecting the data itself is not enough. “If this is our only focus, we can quickly end up in a world of data overload where we have an enormous amount of data but no easy means of interpreting that data into information to achieve our purpose,” explains Meighan Heard, Executive Director, Commercial and Corporate, Mitsubishi Electric Australia. She goes on to say that it’s what an organisation does with data that makes all the difference to management of operations, goal achievement and overall company results. “Steven Rice puts this nicely in the well-known quote: “I believe that data will set you free. At the end of the day, it’s all about how you turn those pieces of information into insights that will improve your business”. Transforming data into actionable business insights This is where analytics software solutions come into play, transforming large volumes of real-time data (such as that from manufacturing or facility operations) into actionable intelligence. The information obtained from these analytical tools can be used to drive improvements in productivity, efficiency, quality and sustainability. “When this is taken to the enterprise level, the information obtained can be applied to solve common business challenges. For example, expert systems and machine learning can be applied to Big Data, leading to visualisation and reporting solutions for energy optimisation, fault detection and diagnostics, predictive maintenance, SPC quality control, and equipment efficiency,” elaborates Meighan. Mitsubishi Electric provides technology, systems and software to enable companies to collect data, analyse that data and drive helpful insights into their operations and activities. At an enterprise level, the products and solutions provided by the company’s bespoke […]