MAGNET Presents Honda Suppliers With Best Practices
MAGNET played a key role in the 13th annual Lean Network Conference in Columbus, Ohio, an event providing training and resources to suppliers of Honda Motor Company, many of whom are based in Northeast Ohio. At this event, hosted on May 20th and 21st, MAGNET representatives were proud to share their expertise with Honda suppliers in attendance. More than 60 people attended these sessions and learned from MAGNET’s experts about systems improvement and other vital topics.
MAGNET offered three important sessions over the course of the conference. In the first session, Growth Advisors Michael O’Donnell and Mike Kaminski discussed value engineering (VE) and the process of weighing purpose, function, and cost. Attendees were guided through the six-step process of VE to find cost-effective solutions (See Diagram Above). In an example that demonstrated FAST (Function Analysis System Technique), MAGNET streamlined the design of a mousetrap by analyzing for areas of possible cost and efficiency improvement, resulting in strategies such as using scent on the mousetrap rather than bait to decrease cost (See Diagram Below).
In the next presentation, Growth Advisors Bob Schmidt and Michael O’Donnell shared insights regarding quality and stability. They focused on extending quality tools from the factory floor to the office floor, specifically in business areas such as purchasing, design and invoicing. Schmidt and O’Donnell provided tips and case studies on how quality tools and continuous improvement can eliminate waste and bring quality assurance to an entire business.
Finally, MAGNET’s Thom Rogers spoke about lean logistics and warehousing, exploring methods of reducing warehouse waste. Attendees learned where areas of wasteful spending exist, such as warehouse layout inefficiency and inventory mismanagement, and how to reduce costs and boost productivity in those areas.
O’Donnell reports that the presentations generated interest in MAGNET’s expertise and services, and also provided valuable resources and connections for Northeast Ohio companies attending the conference.
If you would like to know more about the valuable information shared at the Lean Network Conference, or are interested in meeting with the Growth Advisors, contact Linda Barita at firstname.lastname@example.org or at 216.391.7766.
Article submitted by Bank of America For mid-market companies, business success and responsible growth aren’t mutually exclusive. In fact, prioritizing responsible growth is becoming increasingly important, and successful companies are making sustainability central to their growth strategies. Beyond good corporate citizenship, they are recognizing the intrinsic link between the strength of their business and that of the communities and economies in which they operate. Leading your growth with those goals in mind builds resilience and better solutions for the future. Consider the following: Responsible growth companies perform better. Companies that consider the impact of risks and opportunities on the environment, local communities and society may produce better financial results than those that don’t. Additionally, 90% of companies believe a sustainability plan is important for remaining competitive. Responsible growth companies attract investment. A 2016 study by MIT Sloan Management Review and Boston Consulting Group surveyed 3,000 executives and managers from more than 100 countries. Findings revealed that 75% of senior executives in investment firms agree that a company’s sustainability performance is materially important to their investment decisions, and nearly half would not invest in a company with a poor sustainability record. Ninety percent of executives see sustainability as important, but only
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