Updated: Nov 26, 2020
With supplier relationship management (SRM) the buzzword within the manufacturing industry, companies are strategizing to find new ways to collaborate with their suppliers. Toyota is the often-cited exemplar of supplier collaboration, with the relationship actually yielding improved parts quality for the Japanese carmaker. But what’s in it for suppliers? How will enhanced communication and data flow between suppliers and their customer company translate to actual business opportunities from the perspective of suppliers? The article below details the benefits for suppliers.
1. Structure your Business to Build Trust
Fostering trust is a delicate business. It takes compounded effort over time to establish trust. But this intangible asset is the bedrock of successful, long-term partnerships, so it’s important to have the right tools to nurture it well. There are digital solutions available to structurally manage relationships between suppliers and their customer companies.
Eliminating information gaps and consistently being on the same page is the surest way to build confidence in each other. However, constantly maintaining strong communication between partners is a labor-intensive endeavor. Regular updates on new information requires significant human resources dedicated to the task. This is where real-time data transmission of production status and performance can really help to automate the reporting process; Fast but effortless data exchange process allows partners to be conveniently updated on production details while eliminating unnecessary human personnel in the process. Increased data transparency between buyers and suppliers ensures customer companies to have full confidence in the capability of their suppliers. Digitalizing the production reporting process means adopting a business structure that builds trust while, at the same time, ensuring a lean organization.
2. Innovation starts with Data
Tooling (including "molds" and "dies") are the core asset in manufacturing. Technological development of final products and optimization of the manufacturing supply chain largely depend on continued innovation and effective maintenance of tooling. And such continued development and maintenance of tooling fundamentally rely on the manufacturers’ capability to track all tooling-related data.
eMoldino’s sensors are attached to every individual mold and die present in the manufacturing plant to track all tooling information, ranging from the utilization rate, maintenance history, uptime, cycle time, and etc. When manufacturers are continually challenged to adopt new tooling technology while vying to stay competitive and profitable, the first step is to ensure that their assets are always tracked. Once suppliers gain insight to all their molds, they can then spot manufacturing inefficiencies or areas for tooling improvement.
3. Maximize Asset Use
Tooling is easily the most important single equipment in a production plant. And lack of prudent equipment uses shortens tooling lifetime, ultimately adding to the operational costs for both suppliers and customers. To better optimize the production environment so that the tooling maintains maximum life, manufacturers must have real-time insight of each tooling status. By receiving alerts for maintenance and abnormal activities of each tooling, suppliers can appropriately intervene to avoid overworked molds and immediately attend to equipment damages. Better manage your operational expense by tracking your equipment.
4. Prevent Production Downtime
Meeting delivery time is a major priority for suppliers. The capacity to consistently ensure prompt deliveries is one of the most important metrics of supplier competency. In order to achieve punctuality in production, suppliers must be able to optimize tooling management to prevent unexpected tooling downtime. When tooling breaks down, productions are put off, which in turn delay deliveries out to buyers. Accordingly, the data history of each individual tooling allows suppliers to implement predictive maintenance. Predictive maintenance picks up deteriorating trends to forecast which individual mold and die is heading for a breakdown, effectively enabling the supplier to implement the needed fixes to ensure undisrupted production.
Build Credibility, Boost Operational Efficiency
Suppliers can achieve optimal organizational capability if they invest in the right digital solutions. Real time data management on their tools and enhanced communication is likely to build credibility and boost operational efficiency. Schedule a time for our experts to help you, free of charge. Click here to explore more about the eMoldino solution!