How to Capture Lost Production Time with the Next Generation of Digital Performance Management

Written By: Emily Himes
  • 12/9/2022
  • Read Time : 2 min
capture lost production time

Supply chain and personnel challenges are posing major hurdles for operations teams, and over half of organizations have little to no confidence in their ability to improve these constraints. Faced with limited resources, organizations must ensure they are being as efficient as possible when it comes to scheduled production time. When processes aren’t running efficiently and bottlenecks fail to be identified, organizations cannot optimize performance, meaning that money will be left on the table. 

PTC’s upcoming DPM 1.2 Launch Event will take place on January 17th and feature industry experts including: 

  • Dan Fallin (Senior Project Manager, Thermo Fisher Scientific)
  • Clay Wilker (Director of Operations, Continuous Improvement, Northrop Grumman Corporation)
  • Justin Pancoast (Design Engineer, Northrop Grumman Corporation)
  • Kevin Goering (Partner, McKinsey & Company)
  • Craig Melrose (EVP, Digital Transformation Solutions, PTC)
  • Jordan Coffman (Director, DPM Strategic Initiatives, PTC)

The team of experts will discuss the history and use of performance management, real-world results and insights from practitioners, and the significant enterprise-scale operational value delivered by continuous improvement efforts.

Continuous Improvement Efforts

Implementing Continuous Improvement (CI) programs can help get organizations back on track to reach their goals by accounting for 100% of lost production time, regardless of the cause or system of record. The financial value of this type of issue resolution spans from the shop floor to the top floor, meaning that focusing on real-time data and root cause analysis can be a lifesaver when it comes to monetary outcomes. 

When you have the data you need but lack the tools to understand it, continuous improvement efforts can easily get stuck. Bottleneck and performance analysis enable manufacturers to compare and set priorities for improvement opportunities that increase efficiency. Moving forward, they can capture the hours lost in current processes and increase effective time overall.

Bottleneck Analysis

Bottleneck analysis identifies the top constrained priorities on your factory site, allowing you to tackle your top few issues automatically and systematically identify the critical root causes to solve the problem permanently. This integral aspect of continuous improvement allows manufacturers to: 

  • Systematically identify top constraints to increase factory efficiency and throughput
  • Manage the dynamic nature of competing bottlenecks, instead of just focusing on one at a time
  • Improve factory site efficiency by 5 to 20%, resulting in millions of dollars of impact

Performance Analysis 

Once you find the bottlenecks slowing your production, analyzing root causes is the first step in eliminating them. By focusing on patterns when losses occur, teams can better understand their problems and adjust their processes accordingly. Performance analysis helps manufacturers focus on the critical issues that matter the most, allowing resources to focus on the few items that can unlock millions of dollars in impact.

Today, identifying bottlenecks and their relation to one another can be a highly manual and time-consuming process. While it is common for organizations to be data-rich, few have been able to unlock the insights required for transformational improvement. Even if there is plenty of data available, knowing what to prioritize, focus on, and optimize does not come naturally. When these types of analysis are performed manually, organizations might wait months for the data and conclusions, which are prone to human error.

PTC’s ThingWorx DPM takes continuous improvement efforts to the next level by automatically employing advanced analytics (including AI and machine learning) to execute root cause analysis, allowing you to identify and prioritize the most impactful issues on the shop floor. Learn more about the next generation of DPM at our webinar on Tuesday, Jan 17th. Register now!

Can’t make the live event? Register anyway and you’ll get access to the recorded session to watch whenever it’s convenient for you!

PTC’s ThingWorx Digital Performance Management (DPM)

Discover how to prioritize impactful issues on the shop floor with ThingWorx DPM and take your CI efforts to the next level with advanced analytics to execute root cause analysis.

Tags:
  • Industrial Internet of Things
  • Thingworx
  • Smart Connected Operations

About the Author

Emily Himes Emily is a Content Marketing Specialist on PTC’s Commercial Marketing team based in Boston, MA. Her writing supports a variety of PTC’s product and service offerings.