Industrial Training

Industrial Training Blog

Big Data, how to calculate ROI for downtime.

Just as True Downtime Cost ™ (TDC) justify Lean projects, it works for Big Data projects too.

The source article linked to at the bottom of this page, introduces the two missing elements in most industrial big data initiatives that result in failure for end users to realize their Return On Investment (ROI) goal. Gain insight on how to calculate ROI for industrial big data collection using a real downtime costing system, TDC.

Read about …

2 barriers to industrial big data:

  • Realizing the ROI.
  • Acting on the big data collected.

Then read excerpts from our example …

Big Data Action Plan:

How to define downtime cost for better business continuity, and much more.

End with a clarification of The Bottom Line. See …

Source: Big Data, how to calculate ROI for downtime.

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October 19, 2018 Posted by | Lean, Management | , , , , , , | Leave a comment

Business lessons from Albert Einstein

biggest takeaway … “Multitasking is a killer to productivity and innovation in any business. ”

Follow the great wisdom of Albert Einstein … “Be more present” IE: “Any man who can drive safely while kissing a pretty girl is simply not giving the kiss the attention it deserves.” Translation: “Multitasking is a killer to productivity and innovation in any business. ” Summary – a JOAT is not as likely to be as productive and innovative in any one field or skill as someone who is allowed to specialize in the  field or skill.

October 30, 2012 Posted by | Education, manufacturing, Skill Shortage, Uncategorized | , , , , , , , , | Leave a comment

Solutions to the Skills Training Shortage

Yea, yea, heard about the skills shortage, but what about the solutions? Lets hear about that for a change!

manufacturing skills shortage

1st, look at the four primary reasons for the national skills shortage. (In order of most contributed to problem, to least) The bottom line is always about money (not enough paid/cost too much).

1. Manufacturers not willing to pay for the new/right skill set. (Outline in article by Ryan Chittum)
2. Whiplash effect (manufacturing industry sold us out in the past for quick returns via cheap labor)(George Fletcher)
3. Disconnect between education providers and manufacturer’s needs, and future needs.
4. Compounded by baby boomers retiring (and a little by economy)
Yes, the topic “Skill Shortage” is overplayed and over simplified. What needs more coverage is “Skill Shortage SOLUTIONS!”
National Skills Coalition is working on number 3 with a lot of viable solutions. But as well as those kind of big slow moving long term initiatives, we also need quick inexpensive short term solutions that appeal to the #1 barrier above (money) as well as the #2 (skills gap). Like real-world interactive troubleshooting training software that allows student first entering the job market to gain years of troubleshooting skills and experience, in just days.
Also specific skill sets that formal educational institutions neglected to teach, being taught by seasoned vets to the industry via short 3 day hands on workshops. (Not the typical seminars where textbook and theory are presented on PowerPoints, but actual hands-on real equipment, best-practices, safety and reliability type training.) These software and workshop solutions will help close the skills gap quicker, at minimum cost and time, there by addressing all 4 of the primary reasons for the skills gap. (links above are examples I know of, sure there are a few others out there too:>)
But back to the bottom line, yes manufacturing and educational institutions will need to step up to plate and spend more money on training to make up for their past shortcomings and short term gains. It always cost most in the long run, costing them more now than they saved in the past by cutting, and will cost them even more in the future if they skimp now. It is time for the industry to learn from past mistakes and do the responsible thing.

Don (Follow me on Industrial Skills Training Blog and on Twitter@IndTraining .) Be sure to  to stay on top!

May 10, 2012 Posted by | Education, maintenance, manufacturing, Skill Shortage | , , , , , , , , | 2 Comments

   

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