13-02-23 Industry automation.
Mould manufacturers can maintain their competitive edge and pave the way for continued success by embracing smart automation investments, even in the face of economic uncertainties. By taking a proactive approach, these manufacturers can position themselves for faster recovery and more significant growth in the aftermath of tough times.
Here are five strategies to help mould manufacturers reduce the cost and risk of automation, while maximizing the benefits:
1-Identify the low-hanging fruit.
Start by creating an automation roadmap that focuses on projects with the quickest return on investment and the least amount of risk. This way, manufacturers can get the most out of their automation investments, right from the outset.
2-Foster supplier competition.
By using a global automation platform to receive multiple offers from suppliers, general mould manufacturers can benefit from significant cost savings, potentially up to 15-25% on their automation solutions.
3-Transfer performance responsibility to suppliers.
To ensure successful automation projects, European mould manufacturers should focus on the desired outcome and leave the engineering to the experts. By doing so, manufacturers can reduce their risk and ensure that they get the results they need.
4-Make informed business decisions.
Too often, automation projects are based on assumptions rather than real market knowledge, leading to unexpected costs and decreased returns on investment. By working with a vendor-independent advisor and using available online tools, European mould manufacturers can make informed decisions and get the most out of their automation investments.
5-Consider alternative financing options.
Automation solutions can offer a positive return on investment over time, but the upfront costs can be challenging during times of limited liquidity. Alternative financing options, such as leasing, can provide European mold manufacturers with a positive return on their automation investments from day one, and ease the burden of large upfront costs.
Investing in automation is a smart choice for mould manufacturers, and these five strategies can help them do so with confidence and success.
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