To stay competitive, manufacturing companies have sharpened their use of analytics to help them harness today’s torrents of information, new benchmark research from Ventana Research finds. The research quantifies the extent to which analytics enable them to operate more efficiently, improve business visibility and support faster, more effective decision-making.
For these businesses the most important categories of metrics are financial (identified by 68% of participants), cost (67%) and operational (57%). However, priorities varied by line of business: Financial metrics rank first among those in Finance or Business, but sales metrics rank highest among those in marketing, sales and product areas. Cost metrics rank the highest across lines of business, while executives are more likely to favor financial and profitability as well as cost metrics.
This research also shows that more than half of these organizations (63%) use as their only tool to generate analytics spreadsheets, which are time-consuming to use, error-prone and unreliable. In part for this reason, the Ventana Research Maturity Index analysis finds that only 12% of all manufacturing companies are functioning at the highest Innovative level of maturity in their use of analytics.