Web-seminar: "Improving Productivity & profitability - Role of Value Engineering & Waste Elimination" on, 28th August 2020
Value engineering is the process of having a systematic and organised approach to providing the necessary functions in a project at the lowest possible cost. Several organisations will benefit largely by applying this concept during their stages of production.
We were privileged to have esteem speakers joining us for this interactive and informative session:
- Mr. T R Parasuraman, President and Whole Time Director and Board Member, Toyota Motor Corporation Industries Engine Pvt Ltd.
- Mr. A N Chandramouli, Board Member, Starrag Group India Pvt Ltd.
- Mr. Franck Euvrard, Executive Vice President and Global Head - ER&D at Tata Group Technologies.
The session was moderated by Mr. Rajesh Nath, Managing Director, VDMA India.
The opening remarks were given by Mr. Sandip Roy, Regional Head East, VDMA India, in which he highlighted the main points of discussion such as the cost benefit of eliminating waste via value engineering, the increase in operational efficiency and digitisation in value engineering.
Mr. T R Parasuraman kicked things off by talking about the 5 Ps which are involved in waste elimination, namely, Product, Plan, People, Process and Performance. He also spoke about Toyota giving a lot of importance to the above mentioned 5 Ps. In the Process segment the concepts of MUDA (Wastefulness), MURA(Irregularity) and MURI(Excessiveness) are widely used in the production planning and execution. In accordance with these three concepts, the organisation should use the Plan, Do, Check, Act (PDCA) cycle so that the material information flow is synchronized, leaders are developed, energy loss is reduced and the overall plant performance increases.
Mr. A N Chandramouli spoke about Value engineering in waste elimination’s benefits such as high productivity of the machines and employees as well as reduction in cycle time which would increase level of output. Waste elimination using value engineering is an objective of many organisations, but there needs to be sustained effort as well from them in order to see valuable results.
Before using value engineering in waste elimination, there are a few value chain considerations to keep in mind by the organisation such as supply chain continuity, optimizing production, addressing procurement challenges and recalibrating engineering processes.
Finally, Mr. Franck Euvrard from TATA Technologies spoke about Waste elimination being an essential activity in all organisations in order to lower costs and increase operational efficiency of the production processes. This process involves all employees of the organisation working at various levels. Waste elimination via the use of digital twins is a highly innovative method that can be used in this activity. A digital twin is a digital replica of a physical or nonphysical entity. This process would lead to better judgement and scrutiny of the design during the planning and development stage. He also spoke about some key challenges towards manufacturing which are; Overproduction, Erratic inventory levels, Under-utilized talent and Transportation costs.