According to a recent study conducted by LNS Research, revenue growth is now the top financial objective for corporations—ahead of growing operational margins, expanding into global markets, improving ROI and cutting costs in the enterprise.
Unfortunately, the study also concluded that there is a gap between quality benchmarks that are synced with operations but not with financial goals. Due to the disparity between corporate and manufacturing IT teams, there is often a misunderstanding between the operational performance of equipment and the revenue that it is driving it. For instance, a manufacturing facility might be improving its performance and quotas, but it might not necessarily be making a profit in the process.
When assessing ways to improve your enterprise, look at the relationship between the equipment you are using and the profit that it is bringing in. Then, set goals for your organization related to:
- Reducing the total cost of quality
- Mitigating the likelihood of nonconformance and variability in production
- Ensuring that customers have a positive experience
- Adequately managing operational risks
- Making sure that facilities are in compliance
In order to reach these goals, do not waste time producing parts that are not of sound quality. It’s not just about producing more parts, in other words; it’s about producing better parts. With the right manufacturing intelligence in place, it is possible to analyze processes and see what is working and what is not. In this way, huge efficiency gains can be made which will in turn become profit.
Are you looking to better understand your manufacturing processes and increase revenue at the same time? Please click here to see how InfinityQS can help your organization through manufacturing automation.