Thrive Academy : Eliminate Waste
According to one recent study, waste in manufacturing facilities and other industrial environments literally costs businesses across the globe billions of dollars in lost productivity each year. $56 billion, for example, can be attributed directly to the annual cost of unplanned manufacturing downtime. For the record, the same study revealed that about 42% of that unplanned downtime was caused by sudden and unexpected asset failure.
All told, the three big categories of losses that most people incur due to waste break down as follows:
- Availability issues, which are usually things like equipment failure and process failure.
- Performance issues, which involve factors like idling and minor stops and even reduced speed.
- Quality issues, which are attributed to things like defects in the process and a reduced yield.
This, in essence, is why eliminating waste whenever and wherever you can is so crucially important. Through strategic and forward-thinking changes in your work processes (including by implementing lean manufacturing), you can produce higher numbers of better-quality parts, all while reducing downtime in one fell swoop.
How Downtime Tracking Can Help
By far, one of the biggest opportunities you have in terms of eliminating waste from your processes involves leveraging a downtime tracking solution like Thrive to your advantage. After an incredibly minimal setup process that can have you up and running in minutes, you can print out a road map of your equipment performance instantly – right from the Thrive dashboard.
If you know exactly how your machines are running and can compare that with their peak potential, you can easily provide your maintenance team with actionable data about your most inefficient equipment – all so that you can see exactly what you need to do to eliminate waste and impact production in the most positive way possible.
Plus, with company-wide reporting, you can easily visualize your plant as a whole and compare the performance of individual lines that produce the same product. At that point, it’s easy to find those lines that can accept more volume, as well as those that may be underperforming. If you understand what problem you’re having and why in terms of waste, suddenly you have everything you need to step in and do something about it. You can use that data to allocate training funds to address employee issues, upgrade technology that may not be able to keep up with the times, implement standard work practices that will improve productivity and so much more – all in the name of getting your performance exactly where it needs to be to guarantee that waste is not something you have to worry about ever again.