The foundry industry is considered as one of the main factors influencing the development of the world economy. The advancement gained during the last few years in foundry engineering has contributed to further development of foundry. The last decade brought noteworthy changes in the world map of the supreme casting producers. Moreover, the globalization of the economy is observed as a chance for the Indian foundries, as India currently stands as the second-largest destination for foundries just after China. The foundry sector in the country is projected to witness an annual growth of 13-14 percent as per The Economic Times.
As the world is witnessing a lot of talks regarding operational excellence in the foundry industry, we bring to you the 4X4 Approach – covering essential elements which have a direct impact on the efficiency and profitability.
The 4 crucial elements in the 4X4 approach for foundry operational excellence can be described as below
- Assign the right Man (person) with the right attitude for the right job
- Appropriate Machine Performance for the job, both in capacity and capabilities
- Having the right Material Velocity
- Standardized work Methods
Although India is the second-largest foundry destination after China, the capacity utilization of Indian foundry units, however, has seen a gradual decline from the level of over 70 percent early this decade to 40-45 percent recently, according to the Metal world.
So, where are the loopholes? Yes EXACTLY, the loopholes lie in 4 Ms of Foundry industry. Constant efforts to increase productivity, improve quality and control resources (labor, energy, costs) remain the top priorities of the foundry industry for decades. Achieving these, however, means keeping aware of ongoing changes across the industry, and ensuring operations align with the trends shaping the future.
Considering this 4X4 approach and working on it diligently, any organization can reach the stature of being world-class. Let us not get overwhelmed by all different tools, concepts, and philosophies rampant in the industry; but organizations that keep these fundamental axioms in mind, shall prosper and progress. Faber Infinite Consulting can help your organization to strengthen with the 4X4 approach to improve profitability and reducing costs.
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