For small or medium-sized manufacturers, there are five key concepts to ensure their business is both profitable and efficient, especially during phases of accelerated growth.
1. Staying up-to-date. The industry's government guidelines likely change every year. These changes can be small and barely noticeable, or they can completely transform an industry, thus highlighting the importance of being aware of early opportunities, to adapt and avoid excess costs and fees to changes in the manufacturing processes.
2. KPIs are "Key" for a reason. Key Performance Indicators provide in-depth knowledge about equipment efficiency. The use of this data generates actionable solutions for enhancing performance and improving overall equipment management workflow.
3. Paying attention to the consumer. Consumers are at the core of a company's success. By showing interest in a specific product over another, they provide valuable information to shift production volumes and contemplate innovation. In a nutshell, matching consumers' needs is the cue for growth.
4. Preemptive maintenance counts. Don't wait until equipment breaks. Embracing predictive, and data-driven maintenance saves money and reduces downtime later.
5. Investing in inventory management. Keeping track of products on-hand or ordered eliminates inventory recount and helps meet customer demand by ensuring the availability of the right products when customers need them.