As part of the product development process, value engineering (or value analysis) is used to carry out a systematic and organised approach in assessing the function of a product or component against the cost to manufacture it. The overall aim being to achieve the same outcome but at a reduced financial outlay.
This process is strategically used to improve the value of a product and can help by cutting design and manufacturing time, and eliminating unnecessary costs by reducing the scope or downgrading the spec etc.
As with all things in the engineering world there are several steps that are usually undertaken including information gathering, creative thinking, analysis and evaluation, followed by presentation of options and scenarios to be considered. As you can appreciate this process can take a lot of time depending on the complexity of the product and is therefore likely to add to the overall cost, however if it is applied at an early stage it can lead to a return on investment. There is also a risk that crucial information can be missed at the initial stage of the study, which can negatively impact on the overall process.
From a mechanical design engineering perspective, we relish the challenge of being able to look at a design and make cost effective recommendations to the benefit of all our customers. Think of it a bit like making sure that you put your money into the right investment to get the best returns, or perhaps a higher interest rate for your savings.....that soon helps everyone to get the right picture of why it's so important!
