How does your business select the correct machine?
a. Completing a comprehensive project profile is an essential element for the selection of any capital investment. Deciding what your business needs to achieve for your clients and markets determines your competitive position.
b. Compiling a bid list of potential manufacturers to contribute to your business must follow metrics that identify the business performance gains and avoid a ‘best guess’ or familiarity approach.
c. The expectations for your business and your clients should be demonstrable and consistent with the analysis of value-added measures in all aspects.
d. Planning a growth strategy around a set of metric driven indicators can create the data necessary to inform your Return On Investment when using such a process. Without this the outcome and gain are vague at best and more likely to be more about faith than forecast.
e. Using evidence based metrics that plot process efficiency, flexibility and gap analysis highlights the specific capabilities that put your business in a position to promote new opportunities, new capacity and availability.
f. Ensuring that key business drivers are central to any analysis that set the selection criteria is sensible and logical. Understanding how any new machine will create profit from the produced revenue, margin that merits the incurred costs and expenses, as well as narrows the cost of sale are key to deciding who can build the relevant specification.
g. The competitiveness for any business in the medium to long term planning is reliant upon the ability to satisfy market demands in all principle areas of consideration. These include process improvements and security of supply, cost controls and genuine innovation as well as efficiency and quality improvements.
h. Having confidence that any machine acquisition adds to the differentiation in these areas, as well as the prestige in added resources and performance, further separates your business from your competitors.
i. The reputation of continual adaptability and competency in varied project types is not common; it is achievable with credible subject matter experts as partners in your selection process.
j. Realising the ambition of managed growth brings the multiple advantages that were planned, considered and established with a metric-based selection process. If it is not realised perhaps hope and familiarity have shown their value to your business strategy.