Best Practices for Manufacturing Cost Reduction

Date : 7 to 8 November, 2023   Time : 0940 Hrs to 1700 Hrs   Location / Mode : Online

INTRODUCTION

Continuous enhancement of value for all stakeholders (Investors, Customers, Partners, Employees, and Society) represents the key path to achieving success at both local and global levels.

An exceptional organization, driven by highly skilled processes and personnel, excels in executing tasks more effectively, efficiently, and swiftly than its competitors in terms of Cost, Quality, Delivery, and Innovation.

Customers consistently seek the right products at the right time, offered at competitive prices.

The formula Price - Cost = Profit underscores the necessity of managing costs to ensure an organization's survival and growth.

Given that market forces dictate prices and profits are essential, controlling and reducing costs emerges as the most effective means to bolster competitiveness.

However, it's important to emphasize that cost reduction should not involve sacrificing quality or cutting corners. Such an approach is fraught with limitations and can prove detrimental in the medium to long term. Instead, the focus should be on developing a manufacturing system that optimizes the utilization of resources (the 4Ms) to yield defect-free products in the shortest possible time, with minimal waste.

This becomes increasingly vital in today's landscape, where many organizations grapple with profitability challenges, and the Government of India prioritizes 'Make in India' for both domestic consumption and global supply.

In light of these considerations, the Indian Machine Tool Manufacturers' Association (IMTMA) is hosting a two-day (16 hours) online program dedicated to the Best Practices for Manufacturing Cost Reduction.