Are you looking to optimize your procurement processes and achieve substantial cost savings? Look no further, add Value Engineering to your toolkit!
What is Value Engineering? Value Engineering (VE) is a systematic method to improve the "value" of goods or products by using an examination of function. It focuses on enhancing the value of a product by either improving its function or reducing its cost.
Why is it a Great Tool? VE is a powerful tool for procurement professionals because it helps identify and eliminate unnecessary costs while maintaining or improving product quality and performance. For instance, we recently managed to lower the cost of a machine by as much as 30% through a value engineering project!
Follow these steps to Deliver Value Engineering Projects:
1️⃣ Information Gathering: Collect all relevant data about the product or process.
2️⃣ Function Analysis: Identify and analyze the primary and secondary functions.
3️⃣ Creative Phase: Brainstorm alternative ways to achieve the required functions.
4️⃣ Evaluation Phase: Assess the alternatives and select the best options.
5️⃣ Development Phase: Develop the selected alternatives into detailed proposals.
6️⃣ Implementation: Execute the proposals and monitor the results.
Ready to start your own Value Engineering project? 📈
Comments