The crucial point for a product with quality and low cost is to do the basics well done. Key focus to achieve the result: team empowerment, continuous improvements, customer feedback, data analysis and promote the culture of quality throughout the organization.

Its not necessary that high quality components always come up high costs. Some of my thoughts here: 1.Involve should costing team, build up the zero based costing and discuss with supplier to arrive at the best cost 2.Best quality suppliers, given cost targets will come up with VAVE ideas which will not compromise the quality. Win win for both OEMs and supplier. 3.Have a long term agreement with supplier and negotiate on the overhead cost reduction on year on year/long term basis. 4.Have strategic suppliers- if supplier feel the long term business, they will always come up with the best pricing. 5. Explore alternate tooling suppliers who may be across the world-China, Taiwan, Korea for having the best pricing and cost.

No matter how mature a product might be there is always an opportunity to optimize. Always assemble a cross functional team (expertise and knowledge in diverse areas) to provide input (tooling, materials, shipping, etc.) and generate ideas. Have a well defined target established = $120K Q1. Perform benchmarking activities (internal and external clinics) using comparable/competitive products (or process's/services). Use data comparison tools and input from experts to vet the ideas/opportunities. After filtering the information, you will be able to create a savings roadmap. The biggest challenge will be managing any cost/price and timing misses or gaps.

#Preparation 1. Gather data: Collect relevant cost data, production metrics, and quality performance indicators. 2. Identify areas for improvement: Analyze data to pinpoint opportunities for cost reduction without compromising quality. 3. #Develop cost-saving strategies: Create a list of potential cost-saving measures, such as: - Process optimization - Material substitution - Supply chain renegotiation - Waste reduction - Estimate cost savings 1. Clear and concise messaging 2. Visual aids 3. Data-driven approach 4. Collaborative tone #Stakeholder Engagement 1. Identify key stakeholders 2. Tailor messaging. 3. Address concerns 4. Encourage feedback #Implementation and Review 1. Monitor progress. 2. Review and adjust.

Yes, here are the 3 strategies I personally believe In. whenever a new part/product comes into picture it has some history so, learn from backlogs and design it accordingly for time and man hours saving. The better quality can't say best ever but transparency can build a trust & it will be an inspiration for you. 3rd is the ultimate results of the hard and smart work is better product life, good impression due to trust and easy to adopt new and advanced as one never being an all time new. 🫣Cost reduction is important but whenever it comes to quality compromise its a waste of money and man power to achieve.

Value Analysis and Value Engineering (VAVE) activities play a critical role in achieving cost-effective product development. However, robust development processes in new projects are equally essential in this context. For instance, reducing product complexity can significantly contribute to cost optimization. Additionally, identifying functional, low-cost, simple and high quality products alternatives is uppermost. It is important to emphasize that the execution of validation tests within the production chain may, in some cases, render the project nonviable due to associated tests costs or customer aporovals.

In automotive manufacturing, Smart Manufacturing Choices involve selecting efficient processes and materials that meet quality standards without unnecessary costs. Simplifying Designs by applying Design for Manufacturability (DFM) and Design for Assembly (DFA) principles reduces complexity, waste, and the number of components, leading to faster assembly and lower costs. Strong Supplier Partnerships play a crucial role in controlling costs and ensuring quality, as collaborating with suppliers through bulk purchasing, forward contracts, and early design involvement enhances supply chain stability and drives innovation.

To effectively convey cost-saving measures while ensuring the quality of automotive components, it is essential to adopt transparent communication by highlighting optimized processes and innovative solutions. This must be supported by reliable data and technical evidence demonstrating that quality remains unaffected. An optimized design, incorporating approaches such as lightweighting or multifunctional components, also serves as a key lever to reduce costs without compromising performance. Strategic collaboration with suppliers enables the integration of innovations and the realization of economies of scale.