Items Tagged with 'ROI calculation'

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.

Looking into new software for statistical process control (SPC) can be challenging and often confusing at the outset. This is because many providers claim to have similar features like real-time data collection and easy installation, though results may vary.

Quite often in manufacturing, an inspection department is treated primarily as a necessary overhead expense required to assure compliance to customer specifications. Sometimes an inspection department may also be treated as a profit center for compliance to a variety of test protocols dictated by external agencies, or perhaps internal procedures to demonstrate traceability to certain quality standards.