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Manufacturing

Improving Operations and Maximizing Profits through Predictive and Prescriptive Analytics

Manufacturers are under pressure from an array of challenges that can negatively impact bottom lines and shareholder value including global supply chains, ever-changing geopolitical environments, and diverse economies to name a few. Clear data insights to analyze risk, simulate scenarios, and assess possible directions are critical for decision-makers in today’s industrial space.

From Car Parts and Compressors to Jet Engines and Wind Turbines, Lumivero Helps Improve Efficiency and Production Quality

Lumivero’s software solutions helps manufacturers manage risk throughout the entire manufacturing process.

Optimizing efficiency and production quality while mitigating risk isn’t easy, and intuition and experience aren’t enough to produce the insights and answers manufacturers need to stay competitive and profitable. Lumivero’s software suite allows you to create insights that guide you in the right direction.

Supply Chain Management

Supply chain risks remain a key source of uncertainty for manufacturers, and are made worse by volatility in tariff and trade policy, which can significantly impact the import of commodities and raw materials. When supply chains become unreliable, manufacturers can find themselves at serious risk of failing to fulfill orders, leading to breach of contract and potentially losing major customers. With Lumivero’s risk management software, firms can optimize multiple suppliers to minimize failure points and maximize the probability of deliveries, as well as identify high-risk areas in the supply chain that require mitigation strategies.

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Operations Optimization

Accurate estimates for the costs of research, materials, fabrication and labor are essential when quoting massive aerospace and defense projects. Labor shortages can arise with strikes or as a result of geopolitical events, and finding and retaining skilled labor, which is often required to run today’s technologically-advanced factories, remains a challenge. With Lumivero’s quantitative analysis software, contractors can get a realistic, probabilistic estimate of materials and labor costs throughout the entire design and build process, as well as understand the likelihood of going over budget under a variety of scenarios.
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Engineering Reliability

Whether it’s a refrigerator or a jet engine, you can’t count on delivering your orders on-time if you depend on ill-maintained machinery—or if safety issues cause even one worker accident. Innovations in technology and automation present huge opportunities as well as risks to manufacturers. Internet-connected machinery, predictive maintenance, and automated inventory management are top priorities for manufacturing executives. Reliability and safety are equally important considerations, as the risk of failure – either of machinery or finished products – can put human lives on the line. Lumivero software solutions can provide you insights into confidence levels around the risk of equipment failure or safety violations, letting you identify areas of weakness to ensure quality results and prevent failures.
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Unlock key research findings on portfolio risk management

Rising regulations, market volatility, and global uncertainty are forcing organizations—especially in high-stakes sectors—to rethink capital project risk management. Discover what leading organizations are doing differently—and how executives can close the gap between insight and action in their capital projects in the “Global State of Risk Report.”

Additional Benefits for Manufacturers

Price and Currency Hedging

Mitigate exposure to commodity price volatility through an optimized options and futures strategy that accounts for uncertainty.

And Much More

From product lifecycle analysis to Six Sigma quality control and everything in between, Lumivero’s software solutions are used to address a wide range of manufacturing challenges.
Supply chain risks remain a key source of uncertainty.
Volatility in tariff and trade policies can significantly impact the import of commodities and raw materials.
Product defect liability is another risk, as sub-standard raw materials can lead to lower-quality finished products.
Skilled labor is in short supply, critical in today’s technologically-advanced factories.
Reliability and safety are equally important considerations

FAQS

Everything You Need to Know 
to Elevate Your Research

How does Lumivero help those in Manufacturing create impact with their data?

From uncertain regulations to product defect liability and supply chain risks clear data insights aid in analyzing risk, simulating scenarios and assessing possible directions are critical for decision-makers in today’s industrial space

How can risk analysis support the manufacturing industry?

Lumivero is here to help mitigate any risk you are facing, from helping to gather and analyze qualitative data to produce insights into customer purchasing habits or running simulations to determine financial outcomes to assess the risks of major capital investments. Lumivero can help mitigate risks and create future strategies that account for uncertainty.

Featured Case Studies

Corus Steel Steel Giant Uses @RISK to Manage Furnace Shutdown

Steel giant Corus enlisted the help of HVR Consulting Services Ltd to conduct a series of project and business risk assessments. The project risk assessments aimed to ensure all risks to the project were identified and analyzed, and @RISK was used as the tool to analyze the project timescales.

Risk Management in a Manufacturing Company

Different factory units need regular maintenance. During the maintenance work the production has to be shut down, which causes a reduction in the company’s income and profit. The goal of applying risk management was to determine how a manufacturing company can ensure the highest level of income / profit by assessing and tackling different risks that occur during maintenance work.

Putting Pieces Together More Perfectly: @RISK Helps Improve Manufacturing Efficiency for Preformed Line Products

Preformed Line Products (PLP), a leading manufacturer in the overhead power lines industry, uses @RISK and its GoalSeek function to develop an intelligent and tailored method for bringing together different hardware components to work together in a working and robust system.
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“The manufacturing industry finds itself in a period of substantial change, brought about by new technologies and new adaptations of existing technologies. [These uncertainties] combine to present manufacturers with both tremendous opportunities and risks not considered before.”
Jane Doe
Swiss Re Institute
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“It can make any part of the model the subject of the equation whilst running a probabilistic spreadsheet. It’s to Lumivero's credit that they built Goal Seek into @RISK—it really makes this software appealing to engineering departments.”
Phil Timbrell
Manager of Engineering Services, Preformed Line Products Australia
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“When you are working with silver and gold, pilot projects to test innovations in the manufacturing process are very costly—and risky. Using @RISK to simulate changes in process design allows us to answer some difficult questions without actually running trials of the process.”
Ignacio Quijas
Technology Manager, Met-Mex Peñoles

Improve Efficiency and Quality While Reducing Risk

From product lifecycle analysis to supply chain management to quality control and everything in between, Lumivero’s solutions are used to address a wide range of challenges for today’s manufacturers.

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