Best Practices for Manufacturing Cost Reduction

Date : 20 to 21 December, 2024   Time : 1330 Hrs to 1700 Hrs   Location / Mode : Online

INTRODUCTION

Continuous Value enrichment for all its stakeholders (Investors, Customers, Partners, Employees, Society) is the only way to be locally and globally successful. An excellent organization with its highly competent process and people do the right things better, faster and more efficiently than its competition – Cost, Quality, Delivery, Innovation. Customers always ask for right products at right time with competitive prices. Price = Cost + Profit. Cost = Manufacturing cost + Admin Cost + Development Cost + Sales & Mktg cost Since Price is dictated my market and Profit is required to survive and grow, controlling and reducing cost is the best option an organization can have to be more competitive.

Reducing cost does not mean cutting corners. This approach has severe limitations and will do more harm than good in medium to long term. Instead , focus on developing a Manufacturing system that allows minimal use of resources( 4 M ) to produce defect free products in the shortest possible time with least amount of left over. It is all the more imperative today when many organizations are struggling for profitability and Government of India is prioritizing ‘Make in India’ for both local consumptions and global supplies.

Keeping this in view, Indian Machine Tool Manufacturers' Association (IMTMA) is organizing a Training programme on Best Practices for Manufacturing Cost Reduction.