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Strategies for Effective Cost Reduction in Production Processes
This article explores the various components of production costs and the factors that lead to their escalation, such as inflation, technological advancements, and market shifts. It emphasizes the need for a problem-solving culture as a strategy for effective cost reduction and highlights hidden opportunities for cost reduction through process optimization. The article further provides a simple strategy for reducing production costs by categorizing operations and improving or eliminating them accordingly. Production costs Production cost refers to the total expenses incurred in making a product or providing a service, including materials, labor, and related costs. For a more detailed explanation of…
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Process Functional Modeling in Microchip Manufacturing: A Case Study on Innovative Problem Solving
This case study explores the usage of Process Functional Modeling (PFM) as a problem-solving tool in microchip manufacturing. PFM is an innovative way of thinking that involves breaking down a process into its components on multiple levels and generating innovative solutions. The tool enables us to move from general to specific, from process to operations, operations to components, and components to functions. In this article, we provide a real-life example of how a team applied PFM to the microchip manufacturing process. We want to demonstrate its effectiveness in creating a model of failure in the context of the whole process….
Innovation platform as a productivity tool for a business
Have you ever tried to understand what an Innovation Platform is? Do we really need an Innovation Platform in the business? What is its position and function in the business system? In this post, we’ll try to answer these questions. As we have already proved in our previous blog (You can’t buy yourself an innovation), the innovation level of a company is not correlating with the R&D expenses. Here, we want to use the same data and look at this from a bit different angle. The top 40 innovative companies We picked 40 of some of the best and well-known…
You can’t buy yourself an innovation
The expenses on R&D is the most popular indicator of company innovation level. And many organizations are following that. They dump money on R&D with the hope to innovate more. But the question is, Is there a correlation between innovation rank and R&D expenses? There is a lot of related information you can find on the web, we, however, made our own analysis that confirmed that high R&D spending does not mean high innovation level of a company. In short, you can’t buy yourself an innovation. High innovation rank at low R&D cost should be the preferable target for a…