Speeding up the TTM, also called as Speed-To-Market (STM) can considerably increase a manufacturer’s competitive value.
FREMONT, CA: Time-To-Market (TTM) for a new product can seem impractical to predict. One may plan each step to generate an optimistically seamless timeline. Still, a few things get in the way and form bottlenecks that delay product launches and decrease expected sales volumes. Expediting the manufacturing process can reduce lost revenue and downtime, but what can enterprises do when there is limited opportunity to see what barriers stand in the way on the back-end?
The State of Manufacturing and Back-Office Processes
In any supply chain network, manufacturing usually has the latest technology. Advanced robotics can handle most of the heavy lifting when it comes to production. Besides, it does not imply that humans are as prepared to automate the processes within manufacturing that they take on from day-to-day. Poor operational methods and little oversight of back-office work create downtime that interferes with the general timeline. The downtime gives other products a chance to compete, dropping the market share, and decreasing sales as a result.
Things That Firms Need to Change
Speeding up the TTM, also called as Speed-To-Market (STM) can considerably increase a firm’s competitive value. Below are a few things that organizations can rethink about:
• Relying on spreadsheets emailed from person to person for updates.
• Internal communications and handoffs need several follow-ups.
• A team often asking about the state of documents and approvals.
• Unanticipated problems tend to take weeks to fix.
Manufacturing Processes the Team Can Automate
Digital process automation involves taking the duties a team completes every day and mechanizing the process of handling each one and the overall organization. Besides, stakeholders engaged in automating their teams’ workflows can start by creating a list of the most basic methods used daily, along with processes used when something goes incorrect.
Widespread manufacturing processes include:
• Inventory management
• Contract management
• Production engineering
• Planning and production control
• Quality control management
• Formulas management
• Defect tracking and resolution
• Product samples management