What is the good way to manage component cost in changing market in terms of material cost

Question

Accepted Answer

The good way to manage component cost in changing market is to implement effective cost control strategies.

Regularly monitor market trends and fluctuations in material costs
Establish strong relationships with suppliers to negotiate better prices
Explore alternative materials or suppliers to reduce costs
Implement value engineering techniques to optimize component design and reduce material usage
Utilize cost analysis tools and software to track and analyze component costs
Collaborate with cross-functional teams to identify cost-saving opportunities
Implement lean manufacturing principles to eliminate waste and reduce costs
Continuously benchmark and compare component costs with industry standards
Stay updated with industry news and developments to anticipate market changes

Accepted Answer

In most of case components are manufactured in non economical way then it actually required, like component are manufactured in laser cut way and same can be manufactured in wite cut or vmc also. Selecting and economical way is best way to reduce component cost

What is the good way to manage component cost in changing market in terms of material cost

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