Automation is gradually taking over the business ecosystem. What was deemed impossible 20 years ago is more than just possible now. Perhaps, it is the perfect time for entrepreneurs in the iron and steel manufacturing industry to welcome digital technology in order to increase the operational performance incurring lesser cost.
Going with the flow of digital revolution, it is most definitely observed as to how much subsidised the cost of digital systems are for the automation of manufacturing. It can be said that the time has come for metal and steel industries to evolve and get digitized. Owing to the growing demand, the cost for analysis and storage along with data acquisition has dropped drastically in the last half of the decade.
But before implementation on a large scale, entrepreneurs must always do pilot testing that
would focus on a particular manufacturing unit or even a specific geography. This will help build the needed confidence in the management by having real proof about the value added to the manufacturing process by the use of digital systems.
Predictive analytics have found its use to be helpful in transforming the nature of a complete operational model. Being a part of digital technology, it has proved use cases for cost and manpower optimisation. The hybrid self learning algorithms is used by this technology for the purpose of data generation and business pattern identification.
Digitization has effectiveness in different stages of manufacturing as well as the whole business process. E.g, with the application of Big Data analytics the sales can get a boost through use case forecasts. It can also lead to better understanding of customer behaviour and requirement which can help improve delivery and service.
A track of the company’s development can be maintained by the implementation of digital systems. Sales prediction models that are used by several iron and steel companies are often back-tested. This is to ensure their level of accuracy and percentage growth on the sales forecast will automatically make the company more customer-oriented.
It is only through the usage of digital models, can a company keep a track of hands on experience of the customer. The data that gets collected is subject to analysis which comprises of more predictive models. This optimises a lot of time for the company and focus on the core aspects of the business.