Manufacturing Executive Series:
Effective Data & KPI Use
As the need to improve, and do more with less is becoming increasingly more important in today's manufacturing environment, two key ways to improve performance is through determining and improving effective key performance indicators (KPI) and effectively using value stream data. A KPI is defined as “a measurable value that demonstrates how effectively a company is achieving key business objectives.” Whether you are a seasoned operations executive at a large manufacturing company, or a Factory Floor Manager at a medium sized company, this series will provide insight on how to effectively use KPIs to improve performance in a manufacturing company.
Ensuring Accuracy of KPIs: Problems inevitably arise in manufacturing, and when they do, the KPI data is the first point of reference for root cause and preventative analysis. If inaccurate data is given, it can make it very difficult to solve the problems that arise, as well as determine what direction the team should move in when it comes to resolving these issues.....Read the full insert here.
Characteristics of KPIs and Key Metrics: A KPI is "a measurable value that demonstrates how effectively a company is achieving key business objectives." For those intimately involved in the operations of their manufacturing company, KPIs have proven to be paramount in assessing where a company stands with regards to various metrics.....Read the full insert here.
Using Value Stream Data and Tools to Drive Operational Excellence:
Data is produced in every sector and industry in business every day.
This is especially true in manufacturing. This data should be used to
drive informed and effective decision making. If your goal as a manufacturing executive is the following: improving product quality, maximizing efficiency....Read the full insert here.