With raw material costs continually rising, it has become imperative for companies to find ways to reduce manufacturing costs while not compromising on the material quality. Quantzig’s supplier benchmarking solutions enables companies to evaluate their suppliers against an agreed set of criteria such as material quality, material price, documentation, business ethics and not just select the best suppliers for them, but also build on their existing relationship and review, rate and develop existing supplier performance.
To combat bottlenecks like material shortages, rising interest rates, finished good inventories, and order cancellations, and scheduling inefficiencies, all of which have a direct impact on profits, companies are turning to smart material requirement planning. Raw material planning correlates the demand for raw material, parts, and components directly with the demand for the end product. This not only ensures cutting of unnecessary operational expenses, but also makes the manufacturing operations process more efficient.
Supplier benchmarking helps companies score each of their suppliers based on their performance on pre-decided benchmarks. This score, when recorded and analyzed, enables them to track changes and trends in the supplier’s performance and evaluate multiple suppliers simultaneously.
Quantzig’s supplier performance benchmarking solutions allow companies to create an intelligent, open supply chain, encouraging review and interaction. It also enables companies to drive performance improvement by continual benchmarking, 360-degree reviews, and finding new suppliers.
Raw Material Planning
Optimal raw material planning ensures that the right amount of raw material is available for the production process exactly when it is needed, and at the lowest possible cost, which leads to improvement in the efficiency, flexibility, and profitability of manufacturing operations.
Quantzig’s raw material planning solutions enable companies to improve product quality, minimize material and labor costs, make workers more productive, and make the manufacturing operations process more agile and responsive. Companies are able to respond more quickly to a steep increase in the demand for their products and avoid inventory stockouts and production delays, which would otherwise lead to lost sales and potential loss of loyal customers.
We help you take a closer look at your raw material planning and benchmarking processes and point to the bottlenecks and inefficiencies that lead to excess operational expenses and slower, inflexible operations that are not capable of responding to take dynamic demand/supply fluctuations.
Request a free proposal to learn how Quantzig enables companies to enjoy productivity gains through advanced analytics solutions that reduce raw material costs and enhance the performance of their manufacturing operations processes.
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