Designing for Manufacturability: Value Engineering

Successful manufacturers are hardly strangers to innovation. By improving products and processes, companies not only boost their top and bottom lines, but they also provide a better experience for the consumer. The advent of better, more effective output opens doors of opportunity for any company, and value engineering – an irreplaceable part of the innovation phase – is no exception.

Defined as a systematic and structured approach designed to improve processes and products, value engineering is used to analyze existing products/processes and achieve balance between required functions. These functions typically include performance, quality, safety, and scope with the cost and other resources necessary to accomplish requirements.

According to notable value-engineering group SAVE International, the process is also divided into six stages:

Information Phase – gathering information to better understand the project
Function Analysis Phase – analyzing the project to understand and clarify its required functions
Creative Phase – generating ideas on all possible ways to accomplish required functions
Evaluation/Judgment Phase – synthesizing ideas and concepts by selecting feasible ideas for development into specific value improvement(s)
Development Phase – selecting and preparing the best alternatives for improving value
Presentation Phase – presenting the value recommendation to the project stakeholders

MAGNET has used this methodology to grow several businesses in Northeast Ohio. Boxcast, a Cleveland manufacturer of video streaming devices, desperately needed to reduce costs and re-evaluate the core functionality of its flagship product. After connecting with MAGNET, the company was able to simultaneously improve its device and consumer experience through value engineering. To learn more, read the Boxcast success story!

Want to know how value engineering can revolutionize your business? Call Linda Barita at 216.600.1022 or email linda.barita@magnetwork.org to schedule a consultation!

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Posted by Liz Fox in Innovation

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