LEAN

THE FIELD OF ‘ Predictive Analytics ’, a field of analytics which tries to predict future events by finding patterns from historical events , is receiving much attention in manufacturing lately , due in large to the rise of ‘ Big Data ’.

The predictive analytics market is in fact growing at an unprecedented rate . ResearchMoz recently valued the market at $ 2.1 billion in 2012 , and predicts it to see strong growth at 17.8 percent CAGR to 2019 .

With this though comes the ‘ hype ’. Gartner ’ s ‘ Hype Cycle ’ predicts that predictive analytics and data science are approaching the ‘ Peak of Inflated Expectations ’ – this is when the early publicity around the technology starts . However the ‘ Plateau of Productivity ’, when mainstream adoption starts to take off , for data science will be reached in two to five years . Meanwhile , predictive analytics will take five to 10 years to reach the end of the hype cycle and maturity .

For an industry which traditionally suffers acutely from incomplete ,

Has the time for manufacturing predi

disparate and dirty data and requires solutions to issues to be found as early as possible the need for such analytics in manufacturing is prominent . However , manufacturing is also a no-nonsense industry populated by practically-minded engineers and business leaders who are rightly sceptical of hyped technologies . So has the time for manufacturing predictive analytics come or is it just the big data vendors

14 October 2015