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Maintaining and increasing profitability is key to business survival. Best-in-class manufacturers seem to be one step ahead of their competition, year after year. This infographic identifies 10 ideas these manufacturers are using to increase their profitability. It includes strategies you might not consider such as: - Use profitability to prioritize projects - Make contract management a competitive advantage - Minimize the impact of engineering change notice (ECN) For more information, visit dynamics.cincom.com.
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Capture all of your project requirements through a centralized office. This will enable you to drive that information through all divisions with consistency across the enterprise.
Make Quality Pay and Differentiate Your Company
Allocate the time to build in quality and develop an approach around quality management. That gives quality an integral role of the overall project from the very beginning.
Make Contract Management a Competitive Advantage
Don't just use contract management as a repository for differ-ent files. Think about how you can use contract management to drive financial analysis off of them and take advantage of those discounts.
Drill into contracts. Get to the clause level.
Get the financialsanywhere, anytime.
Drive financialanalysis from them.
Take advantageof discounts.
Minimize Engineering Change Notice
Cost and Time DelaysECNs can be a signal that something is wrong in a process or they could be a signal that you are doing an incredible amount of customization work for a given customer.
Manage Projects Globally for Results
Two-tier ERP strategies enable companies to drill deep into the different regions that they serve. This gives them very precise metrics for those specific markets and the ability to incorporate those different aspects of that supply chain in that manufacturing process specific to that region.
Information becomes the accel-erator that delivers precise data on a market-by-market basis and really frees companies to excel.
Collaborate with Customers
There is a fundamental shift in the behavior - now the expec-tations are real time data. It's an interactive exchange, with the expectation that it's going to be personal, fast, accurate.
150 Millionconversationsoccur online each day with customers
Best Practices in Analyticsand Reporting Strategies Earned Value Management
Take a critical look deal-by-deal over the year. It could be that smaller deals executed with greater precision were actually more profitable than bigger deals.
Determine actual profitability by breaking down profitability in terms of:• Time-based cost• Cost of materials• Opportunity cost of other areas
Use Profit to Prioritize Projects
Build out your own benchmarks of how you evaluate projects by taking into account the time on the production floor as well as any constraints around overall resources.
overall resourcestime on production
Share Project DataExecuting projects profitably requires a great deal of orches-tration, but it also requires the ability to share project data. Shared project management up and down the supply chain is a trend we see more and more.
parts in a project areoutsourced
Make time tomake quality pay
Capture Project Requirements
Right the 1st Time
productestimating
pricing quotingbidding
project configuration
Gross Profit per Project 30%18%
More smaller projects,more profitable
Fewerlarger projects, less profitable
Unleash Your Company's Expertise
on Each Project–NowBuild out the enabling systems around your expertise. Be able to capture expertise and exclusive knowledge and drive it into the overall process. Companies that really excel on project management have this nailed. Quality is an obses-sion for them, with knowledge capture as a core strength.
Form: CMUS1301013©2012 Cincom Systems, Inc.All Rights Reserved
Cincom and the Quadrant Logo are registered trademarks of Cincom Systems, Inc. All other trademarks belong to their respective companies.
Manufacturing Products
Best Practices from Best-in-Class Project-Based Manufacturers
Insights By:Louis Columbus
Free WebinarFree WebinarHear firsthand how companies have put these ten ideas into practice in this on-demand webinar. Louis Columbus, Senior Manager, Enterprise Systems at Cincom Systems, shares his experience and insight to provide clarity to real-world business problems. Check out the Webinar here:
Watch Webinar