An important consideration in collecting data is what and how much data is collected. Companies have realized that collecting and analyzing the right data has a positive effect on product development efficiency and successful product placement.
However, when data is collected on each parameter or process, useful data is eventually mixed with unusable data. In conclusion, no useful evidence can be evaluated. At the same time, you could overburden your team and increase the likelihood that wrong decisions will be made.
To extract valuable and correct knowledge from this data is a key factor for success. The goal in the future will be to transform the data into the right information and then turn it into knowledge.
The solution
Identify the data you actually need by involving your customers and employees. Communicate more often and specifically to find out what data is needed for future decisions. Once comprehensive and usable data is available, you can identify the key areas where you want to make improvements. This requires the continuous adjustment of the requirement list. Then use this data to verify these improvements.
Machine data can be recorded by sensors and evaluated directly. But only if the sampling rate is high enough. Good data quality and proper anchoring are the criteria for success in the use of the collected data. The right information at the right time can give them the necessary competitive advantage over the competition. That can be decisive for the economic success.
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