Seven Ways to Grow Profits Without Adding Customers That Companies Often Overlook
Because the bottom line is critical to any “for profit” company, business owners and management are constantly looking for ways to improve. The key is to advance profitability without relying solely on sales. How? Look around — profitability boosters can be found throughout the average plastics processor’s operation. Technology in the form of automation, for example, provides the foundation to become more efficient, cost conscious, and less wasteful. And there are plenty more opportunities. In fact, here are seven often overlooked areas where you can enhance profitability.
Read the entire article here in Plastics Today magazine.
Bringing CAE Reporting into the Digital Era
Does today’s product development process match current market demands or is it just a replica of the way we’ve “always done it”? Looking in from the outside, product development can often appear to be a sequential process on a one-way street running from design to production with a side trip for analysis. However, there are multiple touchpoints and feedback loops within and between these stages.
One of the most critical, yet often overlooked and underdeveloped, areas of collaboration is between the CAE analyst and design teams. More than an inconvenience, effects of this gap can ripple throughout the organization, causing delays, excessive costs and bad decisions.
Read the entire Machine Design story here.
Smart Approach
One of the biggest mistakes a small to mid-size fabricator makes has nothing to do with equipment, personnel or partnerships. Rather, the error lies in dismissing automation as beyond what they need or can afford. Automation positions manufacturers for long-term success in an increasingly digital world. Reducing manual or repetitive efforts frees up skilled workers to focus on higher value tasks, minimizes errors, improves product quality and grows profitability through increased production capacity.
So, with these advantages and more, why do some fabricators shy away from automation?
Read more here.
Beyond Limits
Driven by increased demands for precision, versatility and cost-effective production, a growing number of fabricators are considering the addition of fiber lasers to their cutting arsenal. These machines offer several advantages, including unparalleled accuracy, intricate cuts and minimal material waste. Their versatility supports the processing of plate and sheet in both ferrous and non-ferrous materials, such as carbon steel, stainless steel, aluminum, brass and copper. And, as fabricators prioritize automation and smart manufacturing, fiber lasers streamline production while enhancing overall operational efficiency.
While the thought of such technology may be tempting, there are issues that must be considered when adding any piece of equipment – not the least of these are cost and logistics. Investing in fiber laser cutting equipment often represents a substantial financial commitment. As such, it’s critical that the laser and its capabilities are fully maximized.
Similarly, fabrication equipment typically demands a substantial footprint on the shop floor. The need for adequate spacing is often driven by operational functionality, safety concerns, operational workflow and the potential for future scaling of production. Efficient space utilization becomes a delicate balancing act as every square foot of space becomes a valuable commodity.
Read the article here.
Mining for Answers: Tapping into the Product Data with Software & Systems
Comparatively speaking, the century following the Industrial Revolution saw the process to develop and manufacture products remain relatively unchanged, with long stretches between incremental advancements. Without the tools to obtain, interpret and apply meaningful feedback, product development was largely guided by observations, trial-and-error, and experience. Consequently, progress was severely limited.
This all began to change with the introduction of digital applications in the latter half of the 20th Century. Throughout the decades that followed, increasingly maturing software systems would allow organizations to capture and leverage previously untapped data embedded in products. Software was becoming the catalyst to ignite innovation, drive quality, enhance equipment effectiveness, provide insight and inspire next-generation products.
Today sophisticated applications continue to advance rapidly to keep pace with complex and evolving products and processes. The examples below show how software and systems translate raw metrics into insights and actions throughout the product lifecycle.
Read the entire Machine Design Magazine article here.
Use Interactive Production Scheduling to Improve Your Plant’s Efficiencies
Production planning and scheduling sits at the heart of all operations for plastics processors and poses unique challenges. To optimize overall production runs and improve lead times, it is crucial to identify the best-performing machines and tools for each product upfront. Additionally, processors must consider the availability of limited quantities of secondary equipment such as conveyors, grinders, calibrators, robots and coextruders, along with any scheduled maintenance or ongoing production runs.
Moreover, dynamic material requirements planning (MRP) calculations are essential to ensure the availability of materials and equipment when rescheduling work orders.
To effectively address these complexities, plastic processors require an enterprise resource planning (ERP) system with an interactive production scheduling module. Let’s explore the significance of interactive master production scheduling for plastic processors and the benefits it offers in improving lead times.
Read the article here.
The Expanding Role of AI in Simulation
The integration of artificial intelligence (AI) into engineering simulation has been rapidly advancing, transforming the landscape of design and analysis. AI technologies are playing a pivotal role in enhancing the efficiency, accuracy, and speed of engineering simulations across various industries.
One notable area where AI has made significant strides is in the optimization of simulation processes. Machine learning algorithms are being employed to automate parameter tuning, allowing for quicker and more precise simulations. This not only reduces the time and resources required for traditional trial-and-error methods but also enables engineers to explore a broader design space.
Moreover, AI is facilitating the development of predictive models that can simulate complex behaviors and interactions. This has proven valuable in predicting the performance of structures, materials, and systems under different conditions, leading to more informed decision-making in the design phase. Neural networks and deep learning algorithms have shown promise in recognizing patterns and extracting meaningful insights from large datasets generated by simulations.
In the realm of fluid dynamics and computational fluid dynamics (CFD), AI is being employed to optimize fluid flow simulations. Machine learning algorithms can analyze vast datasets to identify flow patterns, turbulence, and heat transfer phenomena, providing engineers with valuable insights for designing more efficient systems.
However, challenges persist, including the need for large and diverse datasets for training AI models and ensuring their generalizability to real-world scenarios. Additionally, there are ongoing efforts to enhance the interpretability of AI-driven simulations, allowing engineers to understand and trust the results produced by these intelligent systems.
As technology continues to evolve, the integration of AI in engineering simulation is likely to become even more sophisticated, revolutionizing the way engineers approach design challenges and ultimately leading to more innovative and optimized solutions across various industries.
The Synergy Between Lean Manufacturing and OEE Monitoring
Overall Equipment Effectiveness (OEE) monitoring plays a crucial role in the realm of lean manufacturing, serving as an essential tool to assess and enhance the efficiency and productivity of manufacturing processes.
Read the complete blog post here.
It’s Now Easier than Ever to Bring Servo Motor Repair In-house
Technology in the form of robots, cobots, CNC cutting machines, autonomous vehicles and other forms of automation have increasingly found their way onto the manufacturing floor. These machines have a measurable impact on production, allowing manufacturers to meet rising production targets along with the growing expectations of customers and shareholders alike.
As the use of these machines increases, so does the reliance on servo motors. Providing power and precision, servo motors are the controlling force behind much of this equipment. Because of this reliance, the maintenance, preventive maintenance and repair of these motors is critical. When servos are taken offline for unscheduled repairs, the results are unnecessary factory downtime. And that translates into lost revenue, dissatisfied customers and frustrated stakeholders.
Read more of this story in Machine Design here.
PTC Creo, the Digital Thread and Composites-Based Products
Fueled by emerging markets and a growing demand for lightweight-yet-durable materials, the composites industry is a rising economic force. Global demand for composite-based products is growing at an annual clip of nearly 8%. And as this trend continues, the industry is expected to reach $160 billion by 2027.
While this creates a wealth of opportunities for manufacturers across the board, it also exposes product development gaps, compartmentalization and inefficiencies. Composites are a different animal, and traditional tools and processes often leave manufacturers wanting more. Consequently, companies both serving and entering the space are aggressively seeking robust composite-friendly product development technologies to become more streamlined, efficient and integrated across the extended enterprise.
Read more here.