search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • HOME
  • PROCESS CONTROL
  • QUALITY ANALYTICS
  • SIMULATION
  • IDEA MANAGEMENT & INNOVATION for OpEx
  • Quality Home
Next Generation SPC & Quality AnalyticsSoftwareReal Time Statistical Process Control

How Predictive Analytics Can Boost ROI

Manufacturers already collect data, but many can stand to optimize their processes.

QTY 0922 Minitab IC Topic 1 Editorial
September 9, 2022

Manufacturers can unearth valuable insights from test data from various sources by employing statistical algorithms and machine learning to establish patterns and predict future outcomes and trends.

This process is called predictive quality analytics. A type of artificial intelligence, manufacturers use it to analyze incoming data, which helps them recognize and solve problems in advance. They can use this insight to pinpoint the root cause of issues and prevent them from happening.

Ultimately, predictive analytics helps manufacturers boost efficiency and quality through shrewd data analysis.

The goal of predictive maintenance is forecasting when equipment failure could occur (based on a variety of factors). Then, manufacturers can avert the failure through frequently scheduled and corrective maintenance.

A predictive maintenance system involves the Internet of Things (usually via devices installed on machinery) to gather data from any surface. It uses cloud-based storage to process the data; and pushes notifications to staff through mobile applications. Lastly, it utilizes machine learning to examine and forecast insights by feeding data to artificial intelligence mechanisms, which predicts outcomes.

Manufacturers already collect data—either manually or digitally (some are ahead of the curve and have already automated this process). Operators, quality professionals, and supply chain managers also routinely check product quality, machine safety, personnel compliance, and inventory — all practices that can prepare facilities for audits, ensure quality control, safety, timely orders and deliver other benefits.

While these checks are necessary, they can often be optimized. For example, applying proactive, predictive strategies to these processes can help manufacturers to control processes and prevent manufacturing quality problems before they occur — boosting ROI.

KEYWORDS: analytics data collection software Internet of Things (IoT) machine learning ROI calculation

Share This Story

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Recommended Content

JOIN TODAY
to unlock your recommendations.

Already have an account? Sign In

  • 2024 Quality Rookie of the Year Justin Wise 1440x750px banner with "Quality Rookie of the Year" logo inset

    Meet the 2024 Quality Rookie of the Year: Justin Wise

    Justin Wise is an exceptional individual who has been...
    Aerospace
    By: Michelle Bangert
  • Man with umbrella and coat stands outside while it rains at night looking at a building.

    Nondestructive Testing: Is there an ethics problem?

    I was a whistleblower who exposed fraudulent activities...
    NDT
    By: Dale Norwood
  • Unraveling Deflategate: Football stadium with closeup of football on field

    Unraveling the Tom Brady Deflategate

    The Deflategate scandal erupted following the 2014 AFC...
    Measurement
    By: Greg Cenker and Henry Zumbrun

Running a Monte Carlo Simulation in Minitab

Monte Carlo simulations help forecast possible outcomes and probabilities, while saving on time and resources spent running physical tests. Learn how easy it is to run a Monte Carlo simulation with Minitab.

MiniTab Whitepaper download

×

Stay in the know with Quality’s comprehensive coverage of
the manufacturing and metrology industries.

Newsletters | Website | eMagazine

JOIN TODAY!
  • RESOURCES
    • Advertise
    • Contact Us
    • Directories
    • Manufacturing Division
    • Store
    • Want More
  • SIGN UP TODAY
    • Create Account
    • eMagazine
    • Newsletters
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Market Research
    • Reprints
    • List Rental
    • Survey/Respondent Access
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • YouTube
    • X (Twitter)
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2026. All Rights Reserved BNP Media, Inc. and BNP Media II, LLC.

Design, CMS, Hosting & Web Development :: ePublishing