In today’s new world of big data, the internet of things, and Industry 4.0, data analytics is a hot topic. There is tremendous activity in the manufacturing sector focused on harnessing all the operational data that is being collected to improve bottom-line business performance. The ultimate goal, of course, is to derive actionable insights from the data, insights that drive manual or automated responses.
To support this, many analytical programs/software have reached the market to execute and visualize the analytical results. Data analytics is exciting and promising—if you’re confident in the quality of your data.
Validating data sources
When planning to analyze your business data, you need to respect the saying “Gold in, gold out.” Always validate the integrity of the data source prior to making decisions based upon its analysis. For example, if you are looking at a basic Pareto chart to identify the primary contributors to a metric, you need to ensure that the data is comprehensive before making decisions based upon the analysis. The example in Figure 1 would not meet the acceptance threshold.