A product is the manufactured completion of an idea. Although always striving for a unique twist, a majority of products are developed as an improvement of an old technology, or because there is a demand for the new product. Between the idea and the manufacturing phases, there needs to be careful consideration of how to market the product to garner the most profit while efficiently keeping manufacturing costs low.
Manufacturing Business Technology Magazine published a great article by Glenn Jones called, “Demand Planning Evolves To Better Serve Manufacturing” that outlines techniques businesses can use to develop and utilize a plan to fit the demands of their customers. The most important plan is to continue plan even after you have a plan in place; a backup to your backup plan may seem excessive until the first two plans fail, or a perpetual planning period can help guide where to take the business next.
What’s next for your business or product should always be on your mind along with a plan of action for unpredictable events that may affect the businesses demand. Short-term goals will compound into long-term goals with accurate planning and proper execution of the work. One of the best statements Jones makes is that business should be “continuously recalibrating” the plan in place to meet customer’s demands and to increase the profit margin. In today’s market flooded by customizable products, developing a product or business around the consumer’s experience is an important step towards the success of your business. Knowing what your customers want used to be harder to gage, but products that contain data collecting sensors with internet-based sharing, or cloud storage, compiles information about customers without them realizing they are being surveyed. Analyzing that data is one way to keep the system of planning uninterrupted.
To read Manufacturing Business Technology’s full article, follow this link.