How to Benefit From Value Engineering

Value Engineering

In today’s competitive marketplace, the ability to value-engineer your work is essential. A value engineering strategy can help manufacturers reduce costs while increasing the functionality of their products.

So what exactly is value engineering, and how can you benefit from it?

What Is Value Engineering?

Value engineering is the process of analyzing a product’s features to determine how its capabilities can be enhanced at the lowest cost while maintaining optimum performance and reliability.

There are a few different methods that can be used for value engineering a project, including:

  • 3D modeling: Using 3D computer-aided design (CAD) modeling software during the product design phase allows engineers to realistically render variations of customers’ concepts. Once these virtual models are created, you can conduct a wide variety of simulation tests to provide crucial insights into the device. Issues such as incorrectly placed or poorly fitting parts can be easily identified and corrected before assembly begins.
  • Reliability engineering: Reliability engineering uses statistical methodology to determine any potential reliability issues with a product. This method includes tracking high costs and production losses and then developing a plan to address these issues. Reliability engineering ideally occurs during the design phase, but it can also be used for a wide range of manufacturing processes, including material analysis and quality testing.

Whatever methods you use, value engineering requires a step-by-step analysis of the desired performance of the product at the lowest cost with maximum efficiency and reliability.

How Can I Benefit From Value Engineering?

The most significant benefit of value engineering for manufacturers is the ability to find cost-saving opportunities. Other benefits of value engineering include:

  • Transparency: Value engineering establishes clear expectations about the product and its capabilities. It also helps to get everyone on the same page about processes and goals for enhanced communication and efficiency.
  • Better results: With value engineering, you get better results for less. The focus on value ensures that you get the best functionality for the money you invest.
  • Faster turnaround times: By identifying and correcting any potential issues upfront, you’ll be able to improve your production schedules for faster turnaround times.
  • Employee satisfaction: Value engineering allows your employees to be creative and find solutions that directly contribute to making a better product.
  • Customization: There is no one-size-fits-all solution when it comes to value engineering. You can customize the process to your specific needs to adequately address your challenges and goals.

About Global Electronic Servies

Global Electronic Services specializes in repairing and servicing all types of industrial electronics, AC and DC motors, servo motors, hydraulics and pneumatics. When you work with us, you will benefit from:

  • 18-month in-service warranty
  • We will beat any competitor’s price by 10%
  • Customer service team available 24/7
  • Fast repairs, including rush service
  • Factory trained and certified technicians

To find out how we can help you with your next project, request a quote online and you will hear from our team within 24 hours. You can also subscribe to our blog for more industry news and tips.

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