Metrics Matter: The Benefits of Using Benchmark Data

In manufacturing, the term "benchmarking" refers to the practice of evaluating performance improvement across an organization, in order to gauge where refinement can be made. In today's competitive marketplace, benchmarking has become an essential tool for manufacturing companies of all sizes. By constantly measuring and comparing performance internally manufacturers can reap many benefits. Our manufacturing execution system (MES), MV2 has a powerful KPI dashboard feature that will provides firms with effective insight and tools to better manage production operations.

Discover new opportunities for growth

Discovering new opportunities for growth are crucial to building success in competitive markets. An issue many firms face is collecting, analyzing, and evaluating data effectively. Our MV2 software accurately collects, stores, and generates reports for these data sets digitally. The data comes from human, machine, and materials processes. This data can include information on manufacturing costs, production efficiency, and quality control. It supplies managers the ability to look at operational data and find areas of improvement. MV2’s capabilities simplify the process of identifying and setting benchmark goals.

Overall Equipment Effectiveness

By taking advantage of benchmarking data, manufacturing businesses can focus on continuous improvement. MV2’s overall equipment effectiveness (OEE) dashboard is a great tool to achieve this. OEE is the measurement of overall equipment effectiveness. It is a tool used within lean manufacturing to identify equipment availability, performance, and quality. OEE will show showcase what impact even the slightest changes make to firms operating effectiveness. It will help identify areas that need to gain the most improvement based on the data produced by MV2. The results give managers a great overview of where to improve bottom lines. These efforts can result in improvements to a company’s products, which can increase overall customer satisfaction.

Benchmarking supplies a valuable way for manufacturing companies to keep track of progress and remain competitive. Benchmarking data can help manufacturing companies make more informed decisions about where to distribute resources. The true value of MV2 is when managers can combine all these types of data to build a complete understanding of plant operations and performance. In a dynamic and ever-changing industry, it’s important to stay ahead of the curve.

If your firm is looking to get a greater understanding of how MV2 can help with benchmarking your shop floor’s data. Contact us today to learn how MV2 can help with your specific operations.

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