The industry continues to face multiple challenges from declining revenue, demanding customers, burgeoning operational costs and increased regulatory pressure.

There is a tremendous opportunity to leverage Analytics in this sector courtesy of the explosive data growth owing to digitization. The Big Data phenomenon has thrust the once-technology shy banks to the forefront of this data revolution.

The industry now has no choice but to acknowledge, acquire and adapt to this situation to not only survive but thrive.

The challenges faced by manufacturing industries vary across the various lines of business, from raw materials to transporting finished goods to customers. Firstly Mainly, manufacturing companies are forced to park a lot of capital in purchase and maintenance of high level of inventories.

Inflation rate growth has been constant over the years, leading to huge operational costs for manufacturers. The price of raw materials, trained labor, machinery etc., and almost everything has shot up.

In view of globalization & to remain competitive, the delivery response times are scheduled to be unrealistic, making it a tough job for everyone, from management to workers in the firm.