According to one recent report the global market for OEE (Overall Equipment Effectiveness) software isn't just growing. It's anticipated to touch a new level by as soon as the end of the year.
It certainly makes sense, particularly as manufacturing businesses search for more precise ways to empower their continuous improvement efforts. Understanding in fine detail how you're doing in terms of quality, availability, and performance doesn't just show off which of your efforts are working - it singles out which ones could use a bit of work, too.
Of course, all of this demands the question - is OEE software about to reach its saturation point in the manufacturing sector, or have we only just hit the tip of the proverbial iceberg in terms of what it can do and what it allows organizations to accomplish? All it takes is one look at what else is going on in the industry to see that all signs point very firmly towards the latter.
The Prominence of OEE Software: Breaking Things Down
Remember that for as heavily used as OEE has already become, it's about to see a veritable explosion over the next decade and beyond. This is especially true as more and more organizations embrace Industry 4.0 and the Internet of Things-driven revolution with open arms.
Think about it: one of the major requirements for OEE success involves having excellent data to draw from. The more accurate your data is, the more valuable the insight you're receiving from your OEE software becomes.
By the end of 2023 global spending on the Industrial Internet of Things is expected to reach $88.2 billion. By 2026, that number will rise to an estimated $106.1 billion with no end in sight.
At that point, OEE becomes something of a self-fulfilling prophecy. Manufacturers begin to realize the value of data and start to use it to uncover opportunities for performance and quality improvements that may have otherwise gone undiscovered. Then, they invest heavily in technology to create as much of that data as possible - empowering their ability to constantly improve along the way.
As more data is created, businesses need a reliable way to make sense of it all - which is why OEE tracking becomes even more important than it already was.
It's difficult to say exactly what shape the future will hold, but two things are fairly certain. One, there will soon be a race to find new and innovative ways to use OEE software to create a competitive advantage for businesses in the manufacturing sector. Second, those organizations who will be left behind are those who fail to see the benefit of an investment in OEE tracking until it's too late.
If you'd like to learn more about the increasing popularity of machine downtime tracking and OEE software in general, or if you're looking for new opportunities to optimize your own facilities but aren't sure where to begin, please don't delay - contact Thrive today.
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