If your company deals with the manufacture and maintenance of toolings, then you know how daunting a task it can be to keep track of them all. With hundreds or thousands of tooling assets circulating throughout production lines, warehouses, and other locations, reliably monitoring each one's whereabouts is no small feat. Unfortunately, one of the biggest Consumer Packaged Goods (CPG) companies discovered just how difficult this can be when they realized 400 toolings, each tooling costing between $50,000 to up to $150,000, had gone missing!
Knowing just how much money would have been saved if their organization was able to oversee the movements of these costly assets across the supply chain properly, the CPG giant took actions and invested in eMoldino - an innovative asset management solution which allows manufacturers to accurately monitor every single tooling's wherabouts, operation status, and its maintenance history over time. Read on as we explain why eMoldino's ability to save billions for OEMs from revenue losses looks set to revolutionize tooling asset management globally!
Explaining the problem - looking into lost toolings is a challenge for most OEMs
The financial importance of existing and long-procured toolings for manufacturers cannot be overstated. However, many Original Equipment Manufacturers (OEMs) neglet their tooling fleets, and over time, control and visibility become limited. This allows for loopholes and malpractices on the production end of the manfuacturing process. Suppliers sometimes reuse the same toolings for different clients to save costs, leading the OEM to believe they have procured certain toolings when they do not. Adding on top, one of the biggest dangers of losing control of toolings lies in the potential for third-party counterfeiting, which can have disastrous financial consequences. Therefore, it is imperative for OEMs to maintain oversight and control of their existing toolings to avoid such scenarios.
A lost tooling can lead to a major loss of revenue for an OEM. According to a study done by Siemens, "the cost of a lost hour now ranges from an average of $39,000 for factories producing Fast Moving Consumer Goods, to more than $2m an hour in Automotive." So it's critical that they take decisive action to locate it as quickly as possible. Unfortunately, there are a lot of different factors that can make the process of finding lost toolings quite difficult. From poorly-maintained records about the condition of each tooling to confusion surrounding the location of the missing tooling, there's a lot that can complicate this already complex task. Despite these challenges, however, it's important for OEMs to invest the necessary resources into finding lost tooling - otherwise, they risk losing out on a significant amount of revenue in the long run.
"Breaking the costs down by sector, the cost of a lost hour now ranges from an average of $39,000 for factories producing Fast Moving Consumer Goods, to more than $2m an hour in Automotive." - The True Cost of Downtime, Siemens
Lowering Costs with eMoldino - Bringing Down Maintenance and Replacement Costs of Toolings
Another critical factor in proper tooling management is the maintenance and replacement of toolings which are crucial for efficient manufacturing processes. However, these activities add signifcant costs to any company's budget. With eMoldino, the OEM can now reduce these expenses significantly. eMoldino's innnovative technology allows for real-time monitoring of tooling life, ensuring that toolings are maintained on time and replaced only when necessary. With this proactive approach to maintenance and replacement, businesses can avoid costly downtime due to unexpected tooling failures. In addition, eMoldino's expert analysis of tooling wear and tear enables businesses to optimize their tooling usage, extending their lifespan and further reducing replacement costs.
The CPG manufacturer has made a significant shift in the way they manage and maintain their tooling fleet with the help of eMoldino's tooling asset management solution. Through this easy to use platform, all stakeholders in the company now have access to up-to-date data concerning each tooling's location, condition, and operation. With no physical visits required to every supplier, the OEM can now conduct asset audits with greater ease and far more accuracy than ever before. This has allowed the company to streamline its operations and focus on delivering quality products without worrying about disruptions to its tooling fleet. Implementing eMoldino's solution has proven to be a game-changer for the OEM.
eMoldino: Transforming Outsourced Manufacturing Asset Management
The eMoldino system has helped increase the visibility and traceability of the OEM's toolings while reducing maintenance and refurbishment costs. With clear insight into tooling location and condition, the OEM can now conduct more controlled and precise operations. They can schedule maintenance and replacement of the toolings with utmost precision, reducing unexpected downtime while ensuring production quality remains constant. Such optimization has resulted in reduced scrap rates, ultimately increasing the company's efficiency and productivity. eMoldino's solution is ideal not just for companies in the CPG industry but also for other global OEMs looking to streamline their process and enhance transparency and traceability.
In short, eMoldino has revolutionized the tooling asset management process for OEMs worldwide. The visbility it provides and the ease of communication among stakeholders have altered how OEMs oversee their production fleets. These changes have resulted in increased productivity and significant savings by reducing unnecessary expenditures on new toolings, optimizing toolings in production, and eliminating the need for needless refurbishments and replacements of lost toolings, and drastically reducing the risk of counterfeiting. The effectiveness of this solution is apparent, and it has become an essential tool in the optimization of outsourced manufacturing. The CPG giant and other OEMs now have a powerful tool to streamline their operations and reduce expenses while ensuring that their production is optimized efficiently.
Embrace eMoldino today and cut your tooling related costs without compromising on quality!
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