MachineMetrics, a leading data analytics platform for manufacturers, has announced the release of its much anticipated 2019 State of the Industry (SOTI) for CNC Machining.
Driven exclusively by real manufacturing data collected from hundreds of companies and thousands of machines globally, MachineMetrics' report is a first of its kind to deliver confirmation for many gut feelings about the industry as well as to uncover unexpected manufacturing behaviors and trends never made visible before.
"Our unique ability to easily connect to any machine has allowed the MachineMetrics platform to quickly gain tremendous traction and aggregate what we believe is the most powerful global dataset of machine performance in the world. We can now use this data to provide the highest level of insight back to our customers, partners, and the manufacturing community," says Bill Bither, CEO of MachineMetrics, "We are excited to continue to break new ground for the industry as a whole."
The Industrial Internet of Things (IoT) space is hot as manufacturing represents perhaps the largest greenfield opportunity left for digitization. With IoT coming to maturity and starting to gain momentum within the industrial space, manufacturers are now able to leverage a whole new arsenal of data to drive decisions. In an increasingly complex manufacturing environment, companies are looking for any edge they can get to remain competitive in a heavily globalized economy.
Until now, no business has had the capabilities of MachineMetrics to connect to as many machine types and aggregate a data set to accurately to deliver these insights in a report with true statistical significance. Previous industry SOTI reports have been compiled based on self-reported, voluntary survey responses that require data from the contributor in return for survey results. Along with the fact that the majority of manufacturers simply do not have access to the necessary data, self-reported surveys are often inaccurate.
The difficulty of collecting such a dataset cannot be understated. Data in the manufacturing industry continues to be siloed by individual companies, with each manufacturer keeping their data for themselves. Economic downturns or slowdowns in business often cause non-reporting, as more imperative business matters trump using resources to report to a survey. However, this is often when businesses need industry information the most -- in a month where there's a blip in sales, knowing where one stands and what segments to focus marketing efforts on can be of paramount importance to recovery.
"We implemented MachineMetrics to deepen our connection to the machine and the data," says Jonathan Bicknell, Technology Manager at Turbocam International, "The data will always be honest. We might tell ourselves we are the best but having actual benchmarking data that positions us amongst our peers allows us to back this notion up. Our question now is no longer where do we stand, but how do we increase our percentile while maintaining employee health -- this could justify further automation."
To view the 2019 State of the Industry (SOTI) for CNC Machining report, click below.