10/23/2020
Lean Manufacturing Tools: Secrets to Selecting the Right Tool Supplier
Synopsis
If your company is looking to purchase lean manufacturing tools, then you’ll need to find the right supplier. Here’s how to make a well-informed decision.
Details
Efficiency drives business. Being able to do more work for a lower cost is the essential value that business operations create. In manufacturing, seeking efficiency leads businesses to make decisions that create the most value for their companies. In concrete terms, this thinking can be applied to many practical aspects of business operations.
For instance, consider a lean-model manufacturer’s selection of a tool supplier. Their choice of supplier can be determined by considering which supplier’s tools will provide the most work for the lowest cost. This doesn’t necessarily mean that the least expensive tool options are the best—these tools may not last long enough or work quickly enough to outproduce costlier tool options. In fact, several variables, weighted differently for each company, determine the correct choice of tool supplier. Here’s how a manufacturer can determine which tool supplier they should select.
This checklist will run you through the process:
Step 1: Finding Suitable Suppliers
Step 2: Comparing Costs
Step 3: Estimating Production
Step 4: Analyzing Results
Following this rational method can be somewhat time-consuming, which can make it seem disagreeable to managers and executives with busy schedules. However, taking the time to research choices and think them through pays a business back in increased production, lower initial or ongoing costs, and reduced lost product due to improper tooling. These improvements can make a big difference in the competitive world of efficient manufacturing. Selecting the right tool supplier is integral to a manufacturing company’s success.
For instance, consider a lean-model manufacturer’s selection of a tool supplier. Their choice of supplier can be determined by considering which supplier’s tools will provide the most work for the lowest cost. This doesn’t necessarily mean that the least expensive tool options are the best—these tools may not last long enough or work quickly enough to outproduce costlier tool options. In fact, several variables, weighted differently for each company, determine the correct choice of tool supplier. Here’s how a manufacturer can determine which tool supplier they should select.
Selecting a Supplier of Lean Manufacturing Tools
Taking a logical, step-by-step approach to supplier sourcing enables you to approach the problem in direct, relatable terms. Performing a comparative cost-benefit analysis between your supplier options will show you which supplier will provide the greatest value.This checklist will run you through the process:
Step 1: Finding Suitable Suppliers
- In order to find what tools you need, start by identifying the specific work they need to perform. Consider:
- How much torque do they need to provide.
- Their allowable tolerance for error.
- What motive power do they have access to. Will they be hand-powered? Electric? Pneumatic?
- Whether they must meet special conditions, like ESD-safe, soft-start, soft-stop, or clean-room certified.
- If your tools need to be specially engineered or custom-built.
- Then, list all the tool suppliers who can meet your needs. If a company can only sell you some of the tools you need, then you’ll need to bundle them together with others in order to compare your options effectively.
- Research these companies, looking for their certifications, awards, and industry reputation. Ask colleagues if they’ve previously worked with these suppliers and read online reviews.
- In order to find what tools you need, start by identifying the specific work they need to perform. Consider:
Step 2: Comparing Costs
- Once you have a list of suppliers and are familiar with each, it’s time to compare costs. Reach out to each company and ask for a price quote for a suite of tools. In addition to the upfront cost, other factors will also affect your total price. Account for:
- Capital Outlay: What is the upfront cost of the tools? Consider added costs, like delivery, installation, and accessories such as ergonomic arms or air compressors.
- Recurring Costs: What will you have to pay overtime? Consider expected maintenance, service fees, and financing costs, such as loan payments and interest if you intend to purchase tools on credit.
- Once you have a list of suppliers and are familiar with each, it’s time to compare costs. Reach out to each company and ask for a price quote for a suite of tools. In addition to the upfront cost, other factors will also affect your total price. Account for:
Step 3: Estimating Production
- Now that you know the costs, it’s time to figure out the benefits. Compare the specifications of the tools each supplier offers to see which seems likely to perform the most work. Knowing how fast, how often, and how long a tool can work will give you an estimate of how much it will produce over its lifetime. Consider:
- Cycle Time: How many pieces can this tool produce daily? Is it higher, lower, or the same as those from other suppliers?
- Uptime Percentage: Based on the manufacturer’s recommended maintenance, how long is the tool expected to be productive?
- Longevity: How many cycles is the tool expected to last? Is it warrantied for a replacement if it fails to perform?
- Now that you know the costs, it’s time to figure out the benefits. Compare the specifications of the tools each supplier offers to see which seems likely to perform the most work. Knowing how fast, how often, and how long a tool can work will give you an estimate of how much it will produce over its lifetime. Consider:
Step 4: Analyzing Results
- With all the information in front of you, you can make your decision. Follow these steps:
- Compare the estimated costs of each supplier to the expected production of the tools they supply.
- Compare the results from each supplier. Whose tools will provide the most expected value?
- Weigh this against the reputational information gathered earlier to form an opinion on whether you expect their tools to live up to their specifications. Does your analysis match your colleague’s predictions?
- Narrow it down to one and get started.
- With all the information in front of you, you can make your decision. Follow these steps:
Following this rational method can be somewhat time-consuming, which can make it seem disagreeable to managers and executives with busy schedules. However, taking the time to research choices and think them through pays a business back in increased production, lower initial or ongoing costs, and reduced lost product due to improper tooling. These improvements can make a big difference in the competitive world of efficient manufacturing. Selecting the right tool supplier is integral to a manufacturing company’s success.
At Mountz Inc., we build our tools to be as accurate, durable, and efficient as possible so you can get ahead of the competition. To see our full suite of torque tools, browse our catalog. Contact us anytime to ask a question. To inquire about price, request a quote. If you’d like to see our equipment in person, schedule an appointment.
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