The best things in life are free, but manufacturing goods cost money. The cost of production of those products isn’t as straightforward as it might seem. The sum total investment that it takes for a business to create a good…
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Whether you’re a big or small business and no matter what product you manufacture or service you provide, you’re always looking to deliver the highest quality and greatest value for your customers. One way to achieve these goals is through…
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Every business needs resources such as labor, raw materials, equipment and other inputs. Your team uses resources to execute a variety of projects such as making products or providing services. These resources must be purchased by your organization, and the…
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A key goal in manufacturing is to get products to market faster while keeping costs down, which is why many manufacturing companies embrace just-in-time manufacturing (JIT). JIT helps manufacturers streamline production planning, reduce their production costs and improve their lead…
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Manufacturing requires the right balance of many factors. One of the most important is inventory management—the materials and components needed for the manufacturing process. The more efficiently a company handles its material requirements, the more profit it will find. And…
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Anyone who has delivered a product or service understands the triple constraint. Time, cost and scope have to be controlled to successfully complete a project. However, there’s a fourth constraint that’s less discussed: quality. Cost of quality (COQ) helps you…
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Manufacturing requires an understanding of production, its phases and when you need to assemble the product you’re building. Mapping this out with a production flow chart ensures a more seamless process. What is a production flow chart? We’ll get to…
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All businesses have assets, and if you want to stay in business, you need to know what those assets are. To start, you have to do an equipment inventory and make an equipment inventory list. That’s not as easy as…
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Companies have goals and the goods or services they produce must align with those goals. Everything has to work together, including resources and processes, to help achieve those goals as efficiently as possible to stay in business. Having an operational…
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Products have a lifespan just like everything else. After they’re born, they develop, mature and eventually die. That journey is called product lifecycle management. Like any aspect of creating a product, it involves many processes. Product lifecycle management is the…
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By the time a product shows up on the shelf, it’s been through a much longer journey called the manufacturing cycle. Each product is manufactured from raw materials that need to be procured before the product hits the market. The…
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When you buy something new, it’s already been around for a while. By that, we mean that the product started as an idea, was created using materials and labor and was transported to the retail location in which it can…
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Contract manufacturing lets businesses, which may not have the resources or the funds to invest in heavy machinery, collaborate with other companies to fill orders. Let’s take a closer look at the types of contract manufacturing and some examples of…
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