In today’s highly competitive market, cost factor plays a significant role in sustaining the competition. Every organization is working on cost reduction for their products or services. But, while working on cost reduction it is equally important to preserve the value of the product / service. Hence, to explore the ways of cost optimization, Team Faber Infinite was invited by Automotive Component Manufacturers Association (ACMA) of India, where our expert team conducted a workshop on ‘Cost Optimization using Value Stream Mapping.’
The objective of this training workshop was to help people understand the value and cost associated with a product or service. Once people understand this, they will come-up with better ways to implement Value Stream Mapping (VSM) and thus reduce cost without compromising quality. This training workshop covered ways to generate and quantify the value and cost associated with product and much more.
Objective of Training Workshop:
- Help participants understand the value and cost associated with a product
- Know how to identify and quantify value and cost associated with product
- Use the concept of VSM for cost optimization & reduction
- Understand how to design future state map of processes with less cost
The participants of the workshop included managers from improvement departments, value stream managers/ production managers, team leads/ managers – operations department and others.
This program included tutorial sessions for explaining concepts of VSM, experiential learning via case studies so that people can have real-life examples of how VSM has been implemented and how it has been beneficial to the organizations, how they can use it in their organization, and much more.
Key takeaways:
- Understand the detailing about value and cost associated with product
- Understanding how to reduce cost involved in value stream with ECRS technique
- Knowing how to conduct PPQ analysis for VSM
- Understanding the structured approach to drive cost reduction program
The workshop was extremely interactive and was highly appreciated by the participants. We thank all the participants for joining us and team ACMA for inviting us. Value Stream Mapping can help your organization as well. So to reap the benefits of Value Stream Mapping contact us at consulting@faberinfinite.com.
Discover the power of Value Stream Mapping to optimize costs and drive efficiency in your business. Don’t miss out on this opportunity! Fill out the form below and gain exclusive access to expert strategies for cost optimization today!
Written & Compiled by Faber Priyal Shah
