||Engineering, Machinery and Components
This labor intensive industry creates parts and end products that apply mechanical force to perform work. The assembly operations for these end products are complex, which differentiates this industry from the fabrication industry. The establishments involved are engaged in designing, manufacturing and supplying industrial and engineering equipment. Engineering industries are trade dependent, both as a source of their inputs and as a market for their goods.
The challenges they potentially face are:
- Response time to changing demand and customer specifications.
- Shortened product development life cycles by collaboration with customers on the design and engineering of products.
- Management and tracking of documentation and activities.
- Synchronization of production schedules with those of customers.
- Maximization of overcapacity and reduction of cost.
- Long term cost management and containment.
- Improved productivity.
- Optimization of resources.
- Quality management.
- Management of multi-dimensional inventory and lot control.
- Long lead times on raw materials.
- Competition for lower prices.
- Continuing to be innovative, especially in the special purpose machinery sector as quality is more important than price.
- Waste removal and Waste regulations.
- Becoming more technologically advanced in terms of management of production.
- Lean Manufacturing.
- Trade dependent.
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