Manufacturers across Canada are tasked with optimizing profit margins in a way that doesn’t neglect efficiency or productivity — and finding a balance between the two can often be a challenge. Navigating the nuances and complexities of manufacturing goods at a healthy rate is easier when industry leaders have the tools and resources necessary to make those changes.
Adapting these cost-saving techniques is one of the best ways to reach production goals in the most efficient way possible.
First: Conduct an Audit
Before taking actionable steps to streamline production, you first need a clear understanding of how your business operates and current operating costs — including building maintenance, utilities, staffing costs, cost of materials etc. Once you’ve completed your audit, you can apply the following techniques to your business practices.
Negotiate with Suppliers
How much you spend on materials can be one of the biggest indicators of the financial health and production outcomes of your business. Whether you’ve been working with your suppliers for a short or long period of time, the ability to negotiate prices and encourage discounts on bulk orders can help you save money instantly.
Review and Redesign
Maximizing efficiency is at the core of most manufacturing companies since the ultimate goal is to produce more with less overhead and in a compact amount of time. That’s where the idea of reviewing and redesigning comes into play.
How the features and parts on your production line operate is crucial to your manufacturing goals. In many cases, shop floor leaders don’t realize that there are issues with their production cycle that can be addressed using metrology technology, like the bridge and portable CMMs found with companies like CMMXYZ.
Coordinate measuring machines can be rented or purchased to help collect data and measurements, which will then help you determine if your production parts are operating accurately and efficiently.
How much energy your business consumes can be a contributing factor to your overhead costs, but there are accessible solutions. Consider installing solar panels to power your machines. Internally, consider energy-efficient lighting, invest in better installation, or install renewable heating and cooling systems.
Embrace New Technologies
Today’s manufacturing demands require businesses to streamline their practices, and embracing modern technologies is one of the most effective ways to do so.
Automation has changed the way many industries produce their goods and can help strike a balance between technology and human resources. One of the best ways to do so is to invest in technology that can execute repetitive tasks on your production line — or you can implement software and programs that can provide assistance with emails, payroll, sales orders, and data aggregation.
Leaders in the manufacturing industry have a significant opportunity to adapt cost-saving techniques to streamline their businesses, producing more goods without sacrificing quality. By embracing effective metrology practices, energy efficiency, and new technologies, manufacturing leaders can navigate challenges, drive innovation, and achieve sustainable success in a highly competitive landscape.
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