3 ways legal professionals can help manufacturers make the most of their data paid KLGates
Data and analytics are empowering manufacturers in new and innovative ways. With data-producing sensors, manufacturers can identify what factors are contributing to product output, and tweak processes accordingly. Predictive maintenance can flag equipment deficiencies that might otherwise lead to assembly line disruptions and long delays. And data generated in test laboratories can help manufacturers improve product quality.Take Parker Aerospace, for example.
Indeed, data is now the lifeblood of most manufacturers. But gleaning real value from vast amounts of information takes the right tools and talent. From a technology standpoint, data analytics tools can identify patterns, measure their impact on supply chain efficiencies and employee productivity, create actionable insights, and even predict outcomes for smarter decision making.
By transforming structured and unstructured data into easy-to-understand graphs and charts, data visualization tools help manufacturers tell stories with their data that are easier for functional leaders to understand. And data storage solutions are key to holding supply chain and equipment data for historical analysis. But it takes more than tools to put data to good use across factory floors, especially as regulations such as the General Data Protection Regulation raise the stakes.
Then there are the security concerns that can arise from technologies such as the Internet of Things and artificial intelligence. “Every day we read about attempts by nefarious organizations to steal data,” says the executive from a major motor vehicle manufacturer. “That creates a lot of legal risks.
To address these challenges, many manufacturers are granting legal teams the opportunity to play a more critical role in strategic decision making. Although 53% of executives surveyed by Forbes Insights and K&L Gates are typically involved in decision making, starting with strategy execution, only 39% are involved throughout the process, from design to execution.
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