With an increasingly competitive environment, global steel companies are searching for ways to gain a competitive advantage. Steel companies have employed analytics for years, from process simulation to laboratory management systems to computerized maintenance management systems integrated with real-time production data. However, companies can sharpen their view to make better decisions in different business areas using advanced analytics, including product costs and margins, customer insights and demand, risk management, capital investments, production, operations safety, suppliers, and global supply chain. A gradual but pervasive evolution of analytics techniques in the worldwide steel industry is expected over the next few years. Analytics has the potential to influence all major areas of the steel manufacturing value chain. Manufacturing companies can gain a margin increase by applying a more holistic approach to using analytics. Many of the first and most significant advanced analytics applications in the steel industry will likely be in the supply chain operations. Advanced analytics represents a step-change in capabilities. Steel companies have the opportunity to expand the use of analytics in managing their businesses and for strategic decision-making. It is the early days for advanced analytics in the steel industry. There are opportunities for first-mover advantage, exploiting lessons from the application of analytics in other sectors.
This chapter aims to examine the opportunities and challenges of advanced analytics in the steel industry.
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Soofastaei-Publications (SP) is a newly founded global publisher that produces specialized and high-quality books and e-books and holds world-class conferences and webinars.
This organization is a part of Soofastaei Institute, which provides technical business solutions, publications, and educational services in the field of advanced analytics and AI in various industries.