Category Archives: business industry

Industrial Processes And Emerging Technologies

Technology has been playing an incredible role in transforming the way industrial processes are performed. Whether it is a machine-to-machine communication or augmented reality, technology has been helping industries in every possible way to streamline and automate their work. Emerging technologies, like 3D printing, robots, algorithms, etc., have the power to completely transform the existing manufacturing processes. Or, in other words, modern technology has the potential to make our lives better. A rapid increase in the level of sophistication in technology has a strong impact on the workforce.

Robotics

Robots are being increasingly used to perform all sorts of industrial tasks. The developed parts of the world have witnessed a sharp rise in the demand for automated machines and equipment. Approximately, there are more than 2 million robots in use and the number is expected to rise quickly in coming years. Japan is leading the list of countries with the most number of robots. Recent years have witnessed a major decrease in the costs of automation and robotics.

Additive manufacturing

Additive manufacturing or 3D printing is an emerging technology that enables industries to manufacture three-dimensional objects. It is a process of building complex products by adding ultrathin layers of materials one by one. Currently, only selected items are being created out of a single material, for instance, medical implants and plastic prototypes. Comparing 3D industrial technology with that of traditional, additive manufacturing enables industries to manufacture new shapes without worrying about manufacturing limitations.

Autonomous technology

Autonomous technology, such as unmanned cars, is stretching the possibility of producing highly sophisticated industrial machines capable of performing the unthinkable. It has a great potential in making industrial processes seamlessly smooth with hardly any human intervention. Autonomous robots have already been deployed by a number of industries worldwide to perform quality control and inspection related tasks.

Augmented reality

Augmented reality is about the augmentation of the elements of physical world. By using handheld sensors, people can simulate various situations or, in other words, augmented reality enables us to create an illusion of reality. This technology can help engineers build incredible industrial solutions. One of the practical applications of this technology is the training of military recruits where they are tested with various virtual situations.

Conclusively speaking, new technologies are enabling engineers to develop intelligent machines that can perform multiple industrial tasks with great precision and speed. Companies need to invest in automation technology in order to maintain competitiveness and meet growing demand for innovation and modernity.

5 Pointers for Comparing Printed Circuit Board Manufacturers

Printed circuit boards (PCBs) are extremely important and relevant in the electronics and appliance industries. A PCB collects the electronic elements of a product using conductive products that are usually etched on a “non-conductive” substrate. Naturally, PCBs are used extensively in production of many products, including regular consumer goods. All kinds of active devices and components, including resisters and capacitors, are usually soldered to the board.

If you are looking to place an order for your business and want to find a reliable printed circuit board manufacturer, there are a few aspects that you need to note.

1. First things first, check if the manufacturer is well known in the industry. Ask relevant questions like – How long have you been in business? Who are your clients? How many batches or orders do you handle each month? Can you share a few references? A company that has been around for a long time will never shy away from offering references. They will also do what it takes to convince their new and prospective clients. You can also check their website to find a few more relevant details.

2. Check the prices. Don’t be surprised, there are reliable manufactures who can offer low-priced circuit boards without compromising on the quality. They also ensure fast and quick delivery for their clients on request. However, be careful when you choose a service, because there are a few quality standards that must be met. Check if the concerned company has the required certifications, which can vary in some countries.

3. Know their clients. As mentioned earlier, you need to know the industries and clients that a company services. Check if they have worked for the military and some of the other bodies of the government. If they have supplied their products to known firms and electronic companies, it is like an assurance that they will never ever fool around with the quality. If you get references, call a few of them or write an email asking about their experiences.

4. Do not ignore customer service, it is extremely important when ordering PCBs. You need a manufacturer who is around to take questions or concerns and handle them quickly and accurately. It is important to be careful about customer service and whereabouts of the company, because some of them are just brokers and are making money by selling low-quality PCBs to customers.

5. Can they handle specific requirements? PCB requirements can vary, and you need a team that has the capacities to meet different production needs. They must be willing to take up production challenges, and it is not enough to claim things, unless they prove things. You can place a small order for custom PCBs to know more about their commitment towards customization, timely delivery and pricing.

How to Maintain Industrial Power Equipment

Maintenance of various power equipment is a key part of facility management. The entire operation depends on the power systems such as backup generators, control panels, industrial chargers, UPS, etc. The failure of these key assets can put a production plant in jeopardy. This is why maintenance is of paramount significance so far as the facility management is concerned.

Managing critical equipment demands an auditable process to reduce operational risks. It also has an impact on safety, cost, compliance, and operational throughput. With the growing focus on environmental responsibility and sustainability, it is required to implement risk mitigation strategies.

Businesses have to devise cost-effective strategies in order to survive in a competitive environment and become low-cost producers. Possible situations or risks that can pose a threat to business operations must be anticipated and addresses in a timely manner. It is advisable to prioritize the existing assets for inspection and maintenance. The data obtained from reviews and inspection programs can be used to meet risk mitigation objectives.

What are the techniques to maintain critical power equipment in a facility? We understand the significance of emergency generators in a production process. Backup generators can keep a production process running for years. However, they require regular maintenance. Load bank testing is one of the techniques to maintain a generator.

Load testing a standby generator system must be an inseparable part of the standard planned maintenance program. The process ensures that your standby generators keep producing the designed output.

Battery maintenance is also a critical component of running an efficient and reliable facility. However, the procedure to maintain industrial batteries is slightly technical. Carrying out maintenance activities in the right order can save time and extend the lifespan of batteries and chargers. Besides, make sure you clean batteries in the designated areas using proper tools.

It is recommended to hire a professional preventive maintenance service which can take care of your equipment critical to production and operational activities. An expert in this field will help you establish the appropriate procedures for generator and battery maintenance without affecting the safe working environment. Having a preventive maintenance program in place is a good way to keep your power equipment in good working condition.

Conclusively speaking, regular maintenance activities such as load bank testing, commissioning, inspection, etc. can extend the useful life of your generators and other systems. Reach a reputable contractor that can take good care of your generators and other equipment.

All New Entrepreneurs Should Avoid These Mistakes

A new entrepreneur may feel as if he or she is on a roller coaster ride, especially when starting a new business. A majority of small-sized business entrepreneurs who experienced failure will still vouch that the risk was worth taking looking at the potential rewards. However, it is essential for new entrepreneurs to adopt a cautionary approach. Irrespective of what kind of preparation goes into that new business of yours, learning hard lessons in the way becomes an integral part of this journey.

An essential component of beginning a business is to have a well-structured plan in place and then practice a disciplinary approach to take quick and timely action on it. It is not exactly an exciting proposition to be associated with a startup as you may need just to submit yourself to the flow of the process. Ranging from stiff competition to inadequate funding, a new entrepreneur has to be prepared for different types of hurdles and challenges. Taking necessary actions to avoid such mistakes is highly imperative while beginning a new venture.

Following are some of the mistakes all new entrepreneurs should try to avoid:

1. Getting confused between an excellent opportunity and a good idea

It is indeed a wow moment for every entrepreneur when they hit upon a new idea related to a service or product. Plus, such moments help to reignite the passion within an entrepreneur leading to a great deal of perseverance. However, even if the idea appears to be highly unique, if it does not fetch equivalent market acceptability or fit, it is difficult for your business to succeed.

There is hardly any guarantee of your customers demanding it merely because you conceived and then built it. While the birth of new ideas is essential, it is even more crucial to assess its opportunity in the market to get the desired return on investment; In fact, opportunity stands at the crossroads of a problem if a low requirement is felt by your customer and the capability to fulfill that requirement. If conditions are favorable, extracting an opportunity needs to be translated into the creation of value.

If you refer to past cases, you will find that some of the most prominent tales of success were that of businesses, which began as something else. For instance, when Flickr started its journey, it operated as a tool for photo-sharing for Game Neverending, an online game. Another good example is Instagram that started its mission as a photo and gaming app. Even the journey of Twitter began in the form of a side project with a podcasting organization to transmit SMS messages. Groupon’s operation started as a website for social-fundraising.

2. Improper estimation of the cash required

Expenses to begin a new business may not be the same as it may range from just a few thousand bucks to millions of dollars. The amount of cash required will be determined based on the kind of business an entrepreneur launches. Trying to figure out the type of money you may need to start your business depends partially on facing a projection of the kind of revenue the new company is expected to generate to offset startup expenses. However, it can be a complicated calculation, which depends on plenty of shifting variables. However, you need to keep one crucial point in your mind. A majority of businesses fetch modest returns in the first year. In fact, over 75% of new ventures are known to have their annual revenue at less than 50,000 USD according to a report published by Kauffman Foundation.

Regardless of the kind of business you are in, a great practice is to keep more provisions in your budget than what you think will be required. According to Eric van Merkensteij who was a professor at the University of Pennsylvania and then owned a restaurant for five years, there is a strategy to deal this. He shared this with SmartMoney. Eric said that an entrepreneur needs first to calculate their upfront investment expenses. After that, the figure needs to be doubled and then redoubled.

You will come across several online tools that can calculate the upfront cost required to start your business. However, seasoned entrepreneurs will still advice that you are perhaps underestimating in arriving at the cost in the beginning.

3. Giving first preference to your product and last preference to your customers

While ascertaining your business model and designing your products, you need to have the mentality of providing the first preference to your potential and existing customers. Several such new entrepreneurs are engrossed just about earning more money that is entirely understandable. However, they overlook the importance of creating a sustainable business. It is extremely crucial to have loyal and satisfied customers who will be repeat customers and purchase from you even in the long term.

Starting your entrepreneur journey for the first time is a tough job, and there may be mistakes in the process. That does not signify that an entrepreneur has to go on repeating the mistakes of everyone else’s.

4. Overestimating that you can do everything all by yourself

When you start a business, it is normal to feel that you are best at that job and no one else can match your ability. You think you are the best connoisseur of your product and are the one who possesses the desired passion for getting success in your business. However, such a notion can be a perfect recipe for getting burnout entirely and can impede the progress of your business in a big way. It is essential to have an experienced and knowledgeable mentor or consultant to help you in your much-required objective in the market and your business.

5. Thinking that you have the entire world in your hands

While the emergence and popularity of Internet have made it an indispensable part for companies, if you feel that your marketplace constitutes of a borderless globe, you are sadly mistaken. It is precisely applicable to a majority of small businesses.

While tech-based organizations with only some employees but dealing in billions of dollars could be grabbing the news headlines, Internet companies comprised of even less than six percent of the total number of new businesses in 2013. The Kauffman Foundation shared the data. Nevertheless, it may sound a bit strange the reality even today is that a majority of new companies do not mint money from around the world. Instead, they earn their revenues around the corner.

6. Being deprived of strength by the apprehension of many what ifs

The prospect of starting a new company can be scary for any first-time entrepreneurs, and it is not something a fearful person can do. It is entirely logical to feel afraid of rejection, disappointment, and failure. However, making yourself utterly powerless by such thoughts can become a big stumbling block for the progress of any entrepreneur. The first significant step to combat such fear is to recognize your common worry since there is a reassurance for you that there have been others in your position at some point in time.

7. Setting a small profit margin

It is critical to have a significant profit margin for the success of your business. If you set the margin too low now, life can be quite tough for you going forward. After all, your customers are hardly going to be happy if you decide to increase the prices afterward. You should start taking a close look at your operational and production costs. You should then try to ascertain the kind of flexibility there is. Will you be able to lower these expenses in the future in case it is necessary to do? If that is not the case, select a higher margin of profit now for accommodating those costs.

8. Overlooking the importance of marketing

It is a misperception among some entrepreneurs, especially the new ones that they would launch revolutionary products or services. They feel their products will speak for themselves, and a positive word of mouth and free public relations will work wonders for earning impressive revenue.

Still, the bitter reality is that most of the startup businesses may have to make a substantial investment in marketing activities. These channels may include content marketing, Search Engine Optimization, paid advertising and public relations. Make sure you do a study on where your business rivals are spending money on marketing activities. Do a self-retrospection on how you can differentiate or compete yourself.

9. Setting up unrealistic goals

A new entrepreneur could get too carried away by their so-called big or innovative idea. As such, they may fail to work with a stable and well-structured plan. In reality, you should set up attainable, realistic and measurable goals for getting success in your business.

Make it a regular habit of setting up long-term as well as short-term goals. You also need to ensure that all these goals are specific. Start your goal setting prices by defining a reasonable goal. Then, ascertain the kind of steps you should take for attaining it.

10. Using cost as the only criteria for making hiring decisions

It is a regular phenomenon seen even in some established businesses. When a company has problems related to funds, often it tries to reduce the cost of hiring new employees. However, the strategy is a faulty one since you may end up making more payments in the long term.

If you plan to hire low-cost consultants and employees, you should remember that they are charging less probably due to a particular reason. It is likely that such workforce is unreliable, unskilled or semi-skilled or inexperienced or a combination of all three.

11. Assuming that there is no direct competition

At times, the excitement about launching a new service or a product can make a new entrepreneur think that there is no direct competition in the market for them. They may also assume that their products are far more superior as compared to their rivals and they are in a class of its own.

The fact is there is hardly any business that does not have any direct business rivals. Unless in the rarest of rare cases when you invented a brand new product, it is very likely that there are existing players in the market who share the same niche.

Disclaimer

Any information on this article is published in good faith and for general information purpose only. The writer of this article does not make any guarantees about the completeness, reliability, and accuracy of the information on the article. Any actions you take upon the information you find on the article is strictly at your own risk. The author of this article will not be liable for any losses and/or damages or illness in connection with the use of our article.

Starting Your Own Pet Sitting Business

If you have ever tried to start your own business, no matter what field it is in, than you know trying to figure out where to start can be a little scary. With the right planning and direction though, it is possible to map out a successful career in pet sitting for yourself.

First things first is you have to have a passion for what you are doing. This is with any business because it will take a lot of frustrating hours of work before you see any benefits reaped. Your love for the animal(s) of your choice will, at some point, probably be the only thing keeping you from throwing in the towel. It is important, however, to remember how much you care about said pets and giving them the best life possible.

Secondly, you will have to get prepared. I would start by gathering the essentials you will need start your business. There are a couple questions you will have to ask yourself first. For example, are you going to be running this business out of your own place, or will you be providing your service at the client’s house? If you are running your own establishment, you will need to make sure your house is completely pet friendly. This will involve some research on your part, depending on which pets you plan to watch. Next you will need to start buying the supplies you will need to keep your new business up and running. This could include but is not limited to: leashes, toys, treats, waste bags, cleaning supplies, pet shampoo, extra collars, food and water dispensers, and much more. Again, more research will be necessary to be fully prepared. Do not worry too much about getting everything though, some things you will have to learn as you go.

Once you feel as if you are ready to start taking on clients, you are going to need to get the word out somehow. If you are blessed with great friends and family like me, this is where you should start. Your friends and family are likely to be the only people who will trust you with their pets in the beginning and care enough to begin spreading the word for you. Do not stop there though! Get out into the community and spread it yourself! Yes, we are currently live in a new age where social media is supreme, but nothing beats face to face contact. Make an effort to get out and go to the local pet stores. Hand out flyers yourself, or anything else you can think of to make yourself noticeable, within reason of course. As soon as you get one or two dogs to watch, take them out walking and get seen! Whatever way you can think of getting the word out, do it! People won’t know to come looking for you, you have to go reach them. And yes, blow up social media too. Not just in your own feed, but join pet groups on Facebook and share your information there. Maybe even purchase an ad on Instagram or wherever you think your core target market is at.
Once you begin to take on some clients you will soon realize how prepared you actually are. The time to make adjustments is in this early period, before your workload becomes too much. At this point, you should take into account what you are lacking as a sitter and what can you improve on. You can even ask your early clients, “Hey, I am just starting out and wondering if there is anything I can do or change to make this service better for you.” Not only will you gain some valuable feedback, but you will be sending the message to the owners that you genuinely care about being the best sitter you can be for their dogs. This will go along way in improving your rep, gaining loyalty and returning customers.

Also, in this adjustment period you can figure out the logistics of the operation you are trying to run. How many pets can I watch at once? At x number of pets I watch a week, how much money do I need to charge per pet to make a comfortable profit? These are the things you need to figure out early on in the adjustment period so that you are not sidetracked with them later when you should be focusing on improving your service. If you are doing this full time, I suggest seeking out the help of a professional. If this is just a small scale business built on a hobby you are passionate about, or just something to earn a little extra money on the side, it may not be worth your while to go out and hire a financial advisor. You will probably be okay just determining numbers on your own since you are not risking that much if it doesn’t pan out.

Circling back around, because I truly believe this is the most important key, you genuinely have to enjoy what you do. Just like humans, dogs have personalities. Some are naturally stubborn and more difficult than others. There are days when even I do not want to be bothered with walking a dog, let alone five of them at once. But just remember, if you can improve the quality of life for these dogs than it is worth it to you at the end of the day.

How To Tell If Someone Is An Entrepreneur

One thing defines an entrepreneur – constructive action.

Typically, they’re the salesman – doing *everything* to get people to buy their stuff. We all have the image in our heads; the “wheeler-dealer”, picking any opportunity to try and exploit (and other people) for profit.

Indeed, the term “entrepreneur” seems to have drifted around the present lexicon – from “something you did” (typically to improve people’s lives) into a blend of “money mad hustler” and “someone who doesn’t ‘follow the rules'”.

The reality is the modern meaning could not be further from the truth.

Entrepreneurship isn’t a vocation or job. It’s not a label which you apply to yourself in order to make yourself more endearing to a particular party, or clientele… it’s a way of doing things.

Many “entrepreneurial” types actually have jobs. They’ll never admit they are “entrepreneurs”, although they exhibit all the traits of one. The question is what these traits are, and whether you – or someone you know – has them.

What Is An “Entrepeneur”?

Entrepreneur is a word derived from French – loosely describing a “problem solver”.

Whilst its connotation has changed over the years, the premise persists – an “entrepreneur” is someone who creates a “widget” and has the ability to encourage other people to buy it.

What this “widget” is can be a commercial product, service or idea.

It’s actually interesting… some of the greatest “entrepreneurs” of history actually had nothing to do with money. They were completely focused on the development of a particular “result” and committed themselves whole-heartedly to its realization.

Whether this meant conquering the Persian empire (Alexander), developing the light bulb (Edison) or creating stable PC systems (Gary Kildall), conquering the Aztec empire (Cortez), the term “entrepreneur” really denotes someone who wants to build something.

The BIG difference between “original” entrepreneurs and the swathes of new-age idiots (who typically aggrandize a hedonistic lifestyle + seem to have an infatuation for “crypto”) is that the former were typically committed to a single profession, and manage to “leverage” that through the development of increasingly ambitious “projects”.

These projects could be anything… but they all had a core “reason” to exist. This reason was what drove the originator to pursue the endeavour, and continue even when it was questionable whether it was even “possible” or not. Obviously, the reason we remember them is that they not only discovered it was “possible”, but entirely feasible… hence their success.

How To Tell If Someone Is One

The typical sign is they will do strange things…

interest in esoteric ideas
pursuit of interests not directly correlated to the accumulation of wealth
strong displays of passion for particular subjects
immersive nature with different ideas (trying to recreate historical events etc)

Automation Technologies And Manufacturing Safety

As a business leader, you have to continually search out ways to increase operational efficiency and throughput, and lower manufacturing costs. Besides improving the productivity and streamlining production processes, the working environment is something that demands special attention from business leaders. It is crucial to ensure safe working conditions and reduce incident rates. This can be a challenge to maintain a balance especially when production and safety are in a constant battle with each other.

Fortunately, industrial automation and safety systems have made major advancements in the past decade. Sophisticated automated machines and control systems have bridged the gap between production and safety. Your job is to make sure that your engineering staff is implementing new technologies correctly.

It is a necessity to have a corporate safety plan focusing on the implementation of plant safety technologies. We need to dig a little deeper in order to understand how an integrated production system can contribute to a company’s overall success. Safety management is supposed to provide a safe workplace for employees, whereas, engineering department is tasked with improving the manufacturing process. We cannot separate these disciplines as they are interconnected.

Most of the traditional machine guarding systems are simple in design and do not require an engineering background to implement or understand them. However, traditional machine safeguarding techniques are limited in scope. Modern automation and engineering safety controls are intelligent enough to automatically change the safeguarding methods depending on current hazards.

What if the safety system at your production facility were intelligent enough to allow safe human interaction for tasks that are repetitive, routine, and integral? An intelligent safety mechanism can help you improve the productivity of workers and lower the injury risks. It can have a big impact on your bottom line. The advanced industrial technology offers capabilities necessary to develop an integrated manufacturing process where manufacturers can maintain a balance between safety and production.

The advanced integrated technologies are more complicated than traditional safeguarding devices. The use of safety-rated devices can unknowingly create an unsafe environment where safety is nothing but an illusion. Even the advanced safeguarding solutions come with the risk of creating a dangerous work environment. Therefore, it is important to have skilled engineers who can implement and maintain modern machine safeguarding systems.

If you are not satisfied with the current safety conditions at your production plant, consult an engineering company that can design a better safety plan for your manufacturing unit.

Shot Blasting Machine: What You Need To Know

Shot blasting is a technique used to clean, fortify (strengthen) or polish metals. The method is used in virtually all industries that use metals such as automotive, construction, foundry, aerospace and several others. The question arises, how is shot blasting carried out? A machine (shot blasting machine) comes to our rescue. The machine strongly blasts the metal under processing to remove such impurities as rust, scale and welding slag.To efficiently carry out its job, the shot blasting machine is composed of components that each carry out a particular function as explained below:-

The Blast Wheel

The blast wheels are a critical spare part of blasting equipment. A blast wheel produces the centrifugal force required to project the abrasive particles. The rate of work and kind of job affect the number of wheels that are installed on the blasting machine.

Cabinet

The cabinet is a closed booth free of vibration, and it is made of steel. It is lined with a wear resistant liner, usually an Mn alloy. The cabinet provides an environment where the abrasive particles (traveling at high speeds of 50 – 100m/s) can be treated.

Work Handling

This component varies greatly from machine to machine, as it directly depends on the following two factors; the type of machine you are using and the size and quality of the particles to be obtained in the end. For example, roller conveyor type shot blasting machine is designed for heavy-duty beams, steel profile and fabricated work pieces.

Elevator

The abrasive recovery system is recovered at the lowest end of the shot blasting machine cabinet and linked to the screw conveyor on the base of the elevator (which also carries the separator). The elevator is a critical part since it’s malfunction will translate to low production rates of the shot blasting machine. It thus requires constant maintenance.

Air Separator

The principal goal of the separator is to clean is to clean the abrasive particles origination from the blast wheel. When abrasive metal particles enter the blast wheel, they must be rid of all contaminants as the cleaning makes the shot blasting machine work efficiently.

Dust Collector

As the name implies, the work of this component is to collect dust during the blasting process. The dust originates from the cabinet ventilation and separator. It usually creates laden air creating an avenue for environmental pollution and the potential health risk to the workers in working in the industry. To curb the problems, the user of the machine should assure proper work to the dust controller.

Why to Use the Injection Molding Technique

Injection molding is a type of manufacturing process used to inject molten material. This molten material can be injected into any mold. It is also widely used for the fabrication purposes of the plastic parts. No matter what the size, application and complexity of the product, the molding can be carried out with full precision. The process carried out is quite simple where the plastic is converted into the molten state and then injected with the help of an injection into a mold which then solidifies and gives rise to the final product. The raw materials required for this purpose are injection machine, a mold and plastic raw material which help in execution of the work. The machine can be used for a wide variety of purposes. This technique can be used to produce parts or products. The most preferred option over other options, injection molding not only provides cost effective, but the method is efficient too.

Here are the benefits of the injection molding:

Perfection and addition of details: More details can be added to the product with the help of injection molding as the molten plastic is subjected to high pressure against the mold. This provides better contact with the mold and the product manufactured is close to the mold. The mold is nothing but the standard. This leads to perfection.

Strength and efficiency: The mold making machine allows fillers to be added in the injection molds. This allows the plastic material density to be reduced and the parts generated come out to be stronger. Customized settings for strength can be done for specific products. This is a benefit of this technique which no other technique provides for. The efficiency of the system also increases with time as time is taken only in the beginning to make a mold and melt the plastic. After that, the maker can produce several products at the same time as the time taken for making of a product is very less and the same mold can be used many times during a day.

Automation: The automation of the whole process allows for making of standard quality products. Computer aided design (CAD) and computer aided manufacturing (CAM) go a long way in supervising and designing of the product molds. Not only does the automation brings suitability in formation of design, but it also allows allow low manufacturing costs as the robots and machines carry out the whole process of processing and finishing the products. The labor costs go down and so is the case with overheads. This cost effectiveness benefits the company a lot.

The benefits of the Injection molding technique are what makes it score more points in comparison with other techniques in the market and hence more and more companies opt for the Plastic injection molding technique. Low cost, high efficiency and quality products with less requirement for individuals to run a company makes it a viable option. And therefore, if you are opening up an injection molding company then I would suggest you to go for the injection molding technique.

Top 5 Techniques to Reduce Manufacturing Costs

Manufacturers are always looking for techniques to reduce their cost. Here are five of them that will help the manufacturers reduce cost irrespective of their sector. The primary step would be to assess their process and do on internal audit. Only when the big picture is at view, methods can be implemented to reduce the costs.

Energy Efficiency

Most of the time without our notice we tend to waste a lot of electricity. Implementing sensors that would stop the machines immediately after usage can reduce quite a lot of cost. Replacing energy guzzling machinery with those consuming less energy can save up to 10% of the cost. Usage of alternative energy sources like solar energy which is the cheapest source of energy can cut down operating cost significantly.

Fixed Cost Reduction

Machinery for a manufacturing industry is very important, but only a few machineries are constantly used. Hence, owning the machinery that is used passively wouldn’t be feasible; renting/leasing such machinery can reduce the fixed cost. Using automation in production process can decrease the labour cost abundantly. Outsourcing advertising, marketing and sales could also help in cost reduction.

Overhead Cost Reduction

Maintaining inventory by not over producing and recycling/selling the wastage or scrap of the raw material can always free up and manage the factory space and reduce wastage. At times, outsourcing supply can reduce the business space, risk, staff, and maintenance of vehicles. Buying raw materials at bulk and sharing it with another manufacturer can reduce the material and inventory space. Intercom and internet calling, conferencing and video calling meetings can help reduce administrative cost.

Reduction in Labour Costs

Usage of technology for the manufacturing process like implementing sensors and automation, robotics can drop down as the number of labours drops as the automation requires less human interference and is more accurate. Using part time workers and free lancers can eliminate the idle time of labourers. Implementing methods to increase efficiency; comfortable positive workplace, eliminating overtime as it reduces efficiency, training employees, getting to know the employees, reskilling of the employees rather than assigning them monotonous task can help the manufacturer make optimum use of the labour force.

Customer related cost reduction

Technology can help the manufacturer cut down the cost in every stage of the manufacturing process and also at marketing. Using technology for marketing, advertising and promoting of goods can reduce cost abundantly. Designing products digitally 3D print of the product would help the manufacturer in better understanding of customer needs and can reduce correction and reproduction.