As we are on the path of pandemic recovery, things are settling down with the adoption of new normal being the only way out. Several alarming situations have given rise to challenges across sectors due to disrupting supply chains, increasing fuel prices, inflation, geopolitical tension among the superpowers, and so on.
However, economists have proposed more positives for the coming financial year, 2022. One of the reasons behind this positive prediction is the urge to rise from the epidemic’s downfalls. The data from International Monetary Fund(IMF) released in January 2022 has predicted 5.9% growth for Asian economies while projecting 4.4% growth for the global economy.
The fiscal year 2022-23 is expected to grow more than last year and for the coming year. The bright side is that experts have predicted the market to grow upside down with potential growth rates for the Indian Economy.
The 3 most valuable, adaptive, effective, and performing themes for this financial year are:
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Value Stream Mapping (VSM) 4.0:
Smart Manufacturing is the need of the hour. To fulfill this need, implementing Value Stream Mapping 4.0 is the only possible option for industries that aim for digitalization and Industry 4.0. VSM 4.0 is well accepted and utilized for integrating information flows, improving flexibility, and even increasing production output. Machine learning, automation, the Internet of Things(IoT), and others are the other benefits that VSM 4.0 offers to manufacturers for continual improvement and sustainable development.
2. Manpower Productivity Improvement:
Another major theme that the Fiscal year 2022-23 will focus on is ‘Manpower Productivity Improvement’. Productivity has always been an issue for manufacturers across the globe. Faber Infinite Consulting’s proven productivity-improving exercises especially focus on areas such as: Analysing all activities and arriving at the standard time of each activity, identifying NVAs (non-value adding activities), providing recommendations for eliminating NVAs for future practices, and providing systematic review aimed toward line balancing activities. These exercises have helped client organizations to improve by 33% in terms of production output.
3. Equipment Performance Improvement:
Total Productive Maintenance is the methodology that involves maintaining performance across the facilities and increasing equipment performance. By improving Overall Equipment Effectiveness(OEE), improvement in terms of performance rate and the quality rate is achieved. It can be achieved by reducing unscheduled breakdown time and wastage. Thus, it’s a tried and tested fact, that equipment/ machine maintenance can be improved via deploying the TPM (Total Productive Maintenance) methodology, which can lead the organization towards the goal of continuous improvement.
The entire world is focused on these three key themes for future growth and development. Are you competing for faster growth too?
Faber Infinite has been working in the domain of Organizational Transformation, Operational Excellence, and Business Excellence. To graduate towards excellence, manufacturing organizations should work towards the basic stability of 4Ms – Man, Method, Material, and Machine for transforming organizations towards continual improvement. Contact us for implementing an efficient and smooth business transformation journey.
Written by Faber Aleena & compiled by Faber Mayuri
