The Bill of Material is a critical component of the planning process in manufacturing for any industry. This comprehensive list of components and equipment required to manufacture a product can fluctuate depending on cost, availability, and capacity. For original equipment manufacturers (OEMs), outsourcing a level up the Bill of Materials might prove to be beneficial.
Industry predictions indicate that manufacturing will grow faster than the general economy*. Growth in areas such as global aircraft manufacturing is projected to spike from the less than 4% rise seen from 2013-2017 to nearly 9.5% from 2017 until 2021. These high manufacturing expectations are bound to cause an increase in production needs for OEMs. But how do you best scale up production without falling victim to overspending on inventory or finding yourself unable to fill orders due to long lead-times and or lack of capacity?
With the news of backlogs at record highs this year, industry OEMs and suppliers are looking for ways to ramp up production to meet demand. Meeting these needs can become challenging when fulfillment issues arise. According to forecast experts like Deloitte, manufacturers in 2019 should be focused on strengthening their supply chains, more effectively managing projects, and leveraging advanced technology to increase efficiency. As OEMs and suppliers both contemplate ways to meet demand, here are a few things all procurement professionals should look for in suppliers to prevent fulfillment pitfalls.
No matter how precise a tool may be, it still needs to be honed, recalibrated, and reevaluated in order to stay in prime condition and do its job correctly. This is no different for a workforce. No matter how knowledgeable or skilled an employee may be, there are always ways for the employee to refresh their knowledge. Continuous training to keep the workforce up to date on all its processes produces a workplace culture which is centered on preparedness and reliability.
Topics: Company Culture
Most companies work to ensure a maximum standard of safety in a workplace environment. There are several unique ways that Liberty makes employee safety and security a priority, by getting not only employees involved, but their families as well.
One way that a company like Liberty ensures an efficient and well-equipped workforce is by making sure the tools that employees use on a daily basis are current, calibrated, and functioning. The proper maintenance and organization of all tooling is a key element in a workforce that is confident, safe, and well-equipped.
Topics: Company Culture