Manufacturing is a competitive industry, driven by growth to accommodate consumer demand and production capabilities. The upper hand can often be accomplished by embracing automation, adding production lines or even evaluating more efficient packaging solutions — all of which require capital investment.
The right solution isn’t one size fits all. For example, implementing the latest in automation technology may improve efficiencies, but it won’t deliver the appropriate return on investment if the gained efficiencies cost more in operation and maintenance increases. Determining the most beneficial and profitable improvement projects for your company — now and into the future — requires organizing and quantifying insight from a wide array of stakeholders.
Maximizing Competitive Advantages with Pre-Capital Consulting
In order to determine the right operational improvements for your facilities and goals, pre-capital consulting provides an objective lens for everyone in the company. Through this lens everyone from the finance to operations to marketing departments in your company can identify anticipated returns on investment for multiple potential solutions.
Pre-capital consulting offers opportunities to expand competitive advantages in four potential ways:
- Unify expectations and needs of multiple stakeholders — Many companies operate with functional silos internally; however, capital improvement will impact the company as a whole. The consulting process can get all stakeholder groups on the same page to discuss and consider everyone’s needs and perspectives.
- Support quality decisions for projects with short timelines — For short-cycle capital projects, you need to make informed decisions quickly. This process can quickly provide the data necessary to increase your speed to market.
- Revise the scope of work based on company goals or finances — Simply because a capital improvement project is planned doesn’t mean it’s the right solution for your goals or budget. This thorough review considers multiple scenarios and their cost impacts to determine the most advantageous path.
- Assist with the phasing of future projects — Master planning can be incorporated to develop a phased approach for projects, avoiding peak operation periods or considering growth projections.
Hitting Pause to Move Forward
As the adage goes, time is money. So, it may seem counterintuitive to take the time, and spend the money, for pre-capital consulting services. But capital investment projects are costly undertakings that require careful thought and consideration to achieve your goals now and prepare for ongoing annual business planning. Though this process may take longer and extend past the easy answers, having a strategic plan for your projects could deliver wisely invested solutions that your company as a whole can stand behind.
Read our white paper to explore in-depth detail on the application of pre-capital consulting — and how you can be confident on your path forward.