- Inflation and recession concerns persist for manufacturers in 2023
- Despite economic woes, there are ways to fast-track profitability including aPriori resources and solutions
The Full Article:
Consider these statistics from the National Association of Manufacturers January 2023 Manufacturers Outlook Survey:
- Manufacturers planned capital spending on new equipment and technological investments (65.3%).
- Respondents revealed supply chain issues (65.7%) and increased raw material costs (60.7%) are among their biggest challenges. Both can impact the bottom line.
The good news is that manufacturers can lower costs and increase profitability without sacrificing manufacturability or sustainability. Moreover, with the right manufacturing insights solution, they can address many of today’s challenges. Fast-track profitability with our 5 (blogs) 3 (podcasts) 1 (case study) resources.
Five Blogs to Optimize Design and Improve Profitability
Leverage the power of aPriori’s design and costing insights. These blogs provide the knowledge and resources to get a leg up on the competition via product value AND a good price point.
What is Design to Cost? An Overview with Examples: Lower costs are achievable without compromising design. Design to cost optimizes both, resulting in higher profit margins and a greater competitive advantage. Justify cost management with comprehensive, real-time insight into cost structure when it matters most: while a product is still being designed.
What is Design to Value vs. Design to Cost? Where can you have the most impact on the bottom line? The design stage can have the greatest influence on costs. Explore design to value and design to cost. Discover how manufacturing insights can facilitate real-time design iterations, helping reduce costs without sacrificing product value. As a result, manufacturers gain a competitive advantage in price and value.
Top 5 Cost Reduction Engineer Challenges of Today: Do more with less. It’s a refrain today’s cost reduction engineer hears frequently. What steps can be taken to capture savings while ensuring manufacturability, sustainability, and profitability? Consider five major pitfalls that prevent cost engineers from implementing a design-to-cost strategy across a product team and how aPriori can address them.
Accelerate Your Product Cost Analysis With Bulk Costing: Are you tasked with costing dozens if not hundreds of product parts? What if there was a faster, more efficient method of costing parts at scale? Learn how aPriori’s bulk costing tool can assess multiple parts concurrently and with highly accurate pricing. Gain nearly instantaneous, detailed insights to identify cost-cutting opportunities throughout the product development cycle. The icing on the cake? The ability to produce accurate, detailed estimates based on real-world factors and different scenarios.
How to Set and Achieve Cost Targets to Increase Profitability: Today’s manufacturers are under immense pressure to remain competitive in the marketplace and boost the bottom line. Discover how manufacturers are optimizing cost targets at the seminal point of product development – the design stage.
Three Podcasts on Using Cost to Gain a Competitive Advantage
Listen in on how industry leaders harness the power of aPriori to combat inflation, reduce quoting times, and more.
Cost Projection as a Competitive Advantage: A cornerstone of aPriori is a holistic approach to manufacturing. When costs, design, and manufacturability are aligned, companies gain a significant competitive advantage. Hear Mike Perrott, Senior Director for Commercial Business Systems at Flex, discuss how digital factories reduced quoting time – from days to seconds – and helped Flex become the supplier of choice for its customers.
Cost, Collaboration, and the Path to Zero RFQ: What do you get when you have a product designer by trade who becomes a project manager, and then moves from designing to costing? Someone who recognizes the power of aPriori’s manufacturing insights. Listen to Jegan Dhanapal, a cost reduction leader for CNH Industrial, explain the process gains that he has seen since implementing aPriori. He also covers the ongoing challenges that cost engineers and design engineers face when collaborating.
The Secret Weapon for Fighting Inflation: Unpredictable times call for reliable, accurate, and responsive resources. In this podcast, Jason Krajcovic, Principal, Aerospace and Defense Practice of Kearney, details how gaining greater visibility into suppliers’ inputs and processes can address many manufacturers’ issues – including how to combat inflation. Listen to him and learn how aPriori can enhance supplier negotiations.
One Case Study Highlighting Tens of Millions in Savings
How Carrier Saves Tens of Millions with aPriori: The fastest way to drive up costs (overpaying on parts) and create product development cycle bottlenecks is using outdated, inefficient spreadsheets when costing. By utilizing digital factories, Carrier was able to obtain accurate cost models on complex products in a matter of minutes. Initially, Carrier identified $200,000 annual savings for a set of screw compressor rotors. Many component cost models later, Carrier has achieved over $20 million in value.