Running a manufacturing company can be quite a challenging task for many. It is because you have to look for a credible source to purchase raw materials and equipment required for the manufacturing process.
While it may seem daunting and expensive, you can still save some money in the process and especially when dealing with metal stamped parts. Here ten tips and ideas on how to save money on metal stamped parts.
1. Analyze product design
The product design may have a direct impact on both production and shipping of the same. That said, analyzing the product design and making a few alterations or improvements can help lower production costs, as well as make it possible to ship more parts together per shipment.
The adjustments should under no circumstances impact the integrity and function of the said part.
2. Tooling requirements
Check to see if the current tooling requirements can be altered for reduced complexity while maintaining quality and functionality.
Consider switching from square holes to round ones for simpler tooling and machining requirements. A simple alteration in the tooling requirements could save you lots of material costs and production time.
Changing component layouts can improve efficiency in the production process while using fewer materials. Fitting ten parts in one component can see a 10% reduction in raw materials used.
4. Metal prices
Do not let the volatile and ever-fluctuating metal prices drive production costs too high. You could choose to use alternative materials for the same parts. You can use HSLA instead of 1050 Annealed Spring Steel for the same results.
5. Production volume
Have you been recording an increase in product demand recently? An increase in demand means customers are satisfied with what you have to offer.
It also gives you a chance to streamline the product design for smoother and easier manufacturing.
Optimizing the product design also improves the manufacturability of various components, thus reducing production costs.
6. Alternative machinery
Your current machinery could be costing you more than necessary. Consider using alternative machinery to see if you can condense the production processes by combining several features.
Machinery with several features combined helps reduce tooling setups, passes, as well as manual machining of various components. Multi-featured machinery would be ideal for lower production and running costs.
There are times when you’ll need the services of multiple vendors or service providers to produce a particular component. Looking for a partner that offers all these services as a package should make your work and processes much easier.
8. Delivery schedules
Carriers and delivery schedules can have a direct impact on your profits for various components. Planning out shipping and deliveries can see you save some money in the long run.
9. Project management
Take time to review project information and feedback regularly to ensure accuracy, quality, suitability, and reliability are maintained.
You’ll need a strict project manager to help ensure everything is followed to the letter. That will not only save you time and money but lead to a higher production rate.
10. Company partner
Carefully choosing your metal stamping partner can see you produce more components and at higher quality standards.
The stamping partner needs to have a proper understanding of your area of expertise to match the desired quality and client needs.
Follow the tips and steps outlined above for improved efficiency and lower production costs.