It’s the paradox of choice—the presence of too many options can make effective decision making more difficult. This isn’t just the case of a restaurant patron confronted with an extensive dinner menu or an online shopper perusing Amazon, it applies to manufacturers as well.
Like any business, a manufacturing organization has limited resources with which to work, and when it comes to metrics, companies need to make sure that resources are being pooled into tracking and measuring the metrics that are giving them the most bang for their buck.
However, effectively measuring, analyzing, and improving upon those manufacturing metrics is more complicated than it may seem. The correlations between operational and specific business metrics are not always obvious, and combinations of metrics are often necessary to gain a clear picture of a larger overall business goal or objective.
So how do you ensure that your time and resources are focused on the right things? Benchmarking yourself against others in the industry is a good starting point.
The infographic below is based on research and data collected from the ‘Metrics that Matter’ survey conducted jointly by LNS Research and MESA International, which covered inputs from over 200 manufacturing decision-makers across a wide range of industries.
It highlights the type of improvements leading manufacturers are achieving in specific operational and financial metrics, provides insight into the correlations between the two, and examines the current landscape of Manufacturing Operations Management (MOM) software applications that companies have adopted to support these improvements.
Optimizing the value yielded from your metrics program is significant challenge, but as seen above, many companies are achieving impressive annual improvements through the right combinations of metric measurements, role-based visibility, and supporting software technology.
For a much deeper dive into the most effective manufacturing metrics being leveraged today, as well as to learn what software applications and operational best practices are providing the most value for companies today, join LNS Research principal analyst Mark Davidson for the free LNS/MESA webcast: “2013-2014 Manufacturing Metrics that Really Matter,” Wednesday, April 16 at 11:00 am EST.
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