There are discussions being held today around hot commodity, “data”. Data has also been evolving at an unprecedented pace and affecting our lives directly with its mammoth influence on industries as varied as healthcare, education, banking and finance. By Australian Manufacturing Forum @aumanufacturing.
In the latest industrial revolution, Industry 4.0, we are monitoring, analysing and utilising unprecedented levels of data attained on the shop floor, thanks to the developments in the advanced manufacturing practices and techniques.
The article also mentions:
- The development of data collection in smart manufacturing
- The developments of data analysis in smart manufacturing
- Three paradigms of data analysis
- physical modeling
- machine learning
- deep learning
In data-driven manufacturing practices, the huge amounts of data gained from the plant floor, whether held on premise or in-cloud, will not stack up without proper interpretation through new analysis tools and methods.
The long-term planning approach, “Think big, start small,” can help manufacturers reap the benefits of technologies mentioned above, reviving local manufacturing industries to the 1960s levels of nearly 30 per cent of GDP, compared to today’s 5.6 per cent. Good read!
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