There’s no doubt that the manufacturing industry is competitive. In fact, Fortune magazine predicted that by the year 2020 the United States will surpass China as the number one country for manufacturing, making our country the most competitive manufacturing economy in the world. Today, success in the manufacturing industry lies in utilizing advanced technologies, the availability of proper materials and whether or not intellectual property protections are strong. And, increasing profits can become a challenge if you aren’t focused on operational improvement, concentrating on growth, effectiveness and innovation.
So, how can your manufacturing facility ensure you’re staying competitive in the market while continuing to increase profits? Let’s take a look at what top manufacturing management consultants recommend.
Operational Improvement to Increase Profits at Your Manufacturing Facility
Manufacturing consultants agree improving quality, increasing throughput speed, reducing downtime, material waste and maintenance, and making quick decisions all help boost profits. There are three key components to achieving this:
- Automation. Today’s technological advances mean increased profits for your manufacturing facility, and automation and robotics can help improve both efficiency and quality. Automated manufacturing systems perform such operations as processing, assembly, inspection or material handling – or sometimes all of the above – and lessen the need for human involvement. Automation can increase production rate and reduce labor cost, plus mitigate the effect of labor shortages when they occur.
- Inventory management. An accurate assessment of inventory can mean the difference between profit and loss for your manufacturing business. In fact, for many manufacturing companies, inventory represents the largest single investment of their total assets. Manufacturing management consulting firms and experts all agree that effective inventory management goes together with demand forecasting, so it’s key to have a system in place that will store and monitor data about consumer demand.
- Employee engagement. Finally, boosting employee engagement at your manufacturing facility also offers quantifiable benefits. When your team feels empowered and valued, they take more pride in their work. This leads to less employee turnover and absences, plus productivity gets a boost, all of which lead to increased profitability. Make sure the environment at your company is one that fosters growth, recognizing and rewarding your team for a job well done. Offer training and educational opportunities, set goals and offer strategies for improvement when it may be needed. Also, listen to your employees, scheduling regular meetings with those in the weeds at your facility. Often, these team members know what specific technologies and strategies are most effective – and those that getting in the way of your profits.
Manufacturing Management Consulting from Manufacturing Resource Network
Manufacturing Resource Network offers an array of manufacturing management consulting services to help your facility achieve its goals. We can help position your company as a leader in the industry, becoming more competitive in both pricing and delivery. Our manufacturing consulting services include throughput improvement, process development, manufacturing drawing and technical writing, onsite or remote CNC programming services, supply chain management and more.
Contact us today to learn more about manufacturing management consulting services from MRN.