Creating cost improvements with a systematic team approach
Utilizing the functional analysis techniques of value engineering is a solution for identifying new product efficiencies and decreasing manufacturing costs. This highly-structured methodology examines all aspects of product design and function with the goal of finding ways of improving overall value. Medtech companies face these challenges due to cost planning for new and emerging markets, general supply chain issues, competition and variables in regional healthcare systems.
With limited value engineering experience and personnel bandwidth stretched, medtech OEMs should consider partnering with a company with established value engineering expertise. Engaging a vendor like Cyient for value engineering programs as a business strategy will provide an opportunity for your organization to possibly discover new cost savings and optimizations for your products in a collaborative effort. We target a cost reduction in the range of 15 to 25%.
Our value engineering white paper defines this process and why its important not only to utilize this method but engage a vendor like Cyient. We hope it's helpful reading if you choose to download it by completing the form on the right.