Manufacturing is an integral part not only for the company’s value chain but also for the economy. Manufacturing is concerned with converting raw material to a final product, therefore, creating value to customers, creating jobs, generating profits, and contributing income to the economy. Virtually every product we use has gone through the manufacturing or production process before it gets to consumers.
To be competitive, manufacturers should be able to design and make sustainable products within a given resource, required lead time, and minimum cost. Customer requirements must be understood, and that manufacturing capability aligns with customer specifications.
In some cases, the degree of product requirements (e.g. precision, rigorous regulatory compliance, etc.) hinders manufacturer’s capability to produce it. Using advanced technologies combined with the right people can be the best option to venture, though it requires capital investment. After all, producing products that satisfy or even exceed customer’s expectations is a key metric to success.
The production process must provide value to the customers by satisfying the following criteria;
Quality – product and service quality
Speed – production lead time and time to market
Cost – price
Throughput – the rate of production
Flexibility – responsiveness to demand fluctuation