Time In Waiting Can Hurt Your Business More Than You Know

The well-known waste of “waiting” may be a little more difficult to notice within a production process, as it may be overlooked or considered “necessary”. The Steel Efficiency Review® recommends that operations make what the customer wants when they want it, pulling only what is ordered through your work flow.

We have found our customers end up paying for the time spent by all of their workers, time that they do not spend adding value while they are waiting. Waiting is not something that their customer is going to want to pay for, the cost of the time spent waiting will come direct from our customer’s profit, for every dollar you they save it is put straight back into their profit. Often the time spent waiting is made up later during overtime at a premium rate, good for your people but not so good for your profit.

We have found if you could eliminate or possibly reduce TIME IN WAITING the savings would be straight back on your bottom line improving the profit in your business. We recommend:

  1. SUPPORT WITH SEMI-FINISHED MATERIAL – Supporting our customers with semi-finished material so they can concentrate on adding value with a few small steps in their own production line helps decrease labour costs and increase business cash flow when needed the most. A highly workable solution to help with TIME IN WAITING in any steel business.
  2. ACCURATE SALES FORECASTING TOOLS AND BUSINESS SUPPORT – Simplifying purchasing patterns and systems to allow seamless management of product requirements. Predicting future sales trends using accurate sales forecasting tools and templates. A workable solution with local business support to help overcome problems associated with TIME IN WAITING.
  3. ACCESS TO CUSTOMER-OWN STOCK – Providing the right customer stock at the right time allows steel businesses to not carry excess stock and spend time in waiting. A highly workable solution to find the right mix of customer- own stock when needed the most to ensure production is kept at optimal levels at all times.

Download our State of Market Reports for our insights and learnings after completing 1,011 Steel Efficiency Review® consultations on businesses of all shapes and sizes across Australia. To register for your own FREE Steel Efficiency Review® click here.