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Diagnostic solution for manufacturing product cost reduction

Country of Origin: Singapore
Reference Number: TOSG20190314001
Publication Date: 18 March 2019

Summary

A Singapore SME has developed a costing diagnostics software for the manufacturing industry to address the concerns of cost wastage. The 99.99% accuracy of the software allows continuous improvement of cost saving activity through modelling. Apart from being accurate, the product also saves time and effort for the management and engineers.  

The SME seeks partnerships with MNEs and SMEs of all sizes through technology licensing agreements.

Description

Manufacturing enterprises are focused on cost reduction and continuous improvement in their factories. For an ideal factory scenario, production should be carried out without any losses in cost while maintaining acceptable quality. However, a majority of factories incur 25% to 50% additional costs due to wastage and losses. Factors, such as zero unplanned downtime, zero machine speed losses, zero quality scraps, zero material wastage, all overheads, and direct labor contribute to zero factory loss. 

The costing diagnostic software identifies the gaps between zero loss costs versus current cost in various manufacturing processes. The information gathered at the factory stage, such as at the final product, individual process, and individual machine levels provides detailed insights to factory management. These insights enable the management to focus their time, efforts and resources on high ROI problems.

Potential Application Areas:

The software can be applied to factories with Enterprise Resource Planning (ERP) Systems and Machine (Overall Equipment Effectiveness) OEE data in whatever format. The software will have applications in computer hardware / networking companies as a bundled service.

The Singapore SME is looking to partner SMEs and MNEs of all sizes, including financial and costing software companies (such as inActivity-Based Costing Software) serving the manufacturing industry.

The types of partnerships sought would that of a licensing agreement where the partner could license the technology and further develop it to offer to its customer or market segments.
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Advantages and Innovations

•	The Software leverages a combination of OEE analysis and proprietary modelling algorithms. It also uses advanced Japanese Target Costing Management formulas as part of the combination. 

• The software enables prediction of financial impact on product cost in various operating conditions.

• The solution is available in pre-bundled options with Cisco Systems' Hyperflex Server, reducing the time by half.

Stage Of Development

Already on the market

Stage Of Development Comment

The software is available in the market.

Requested partner

The company is looking for partnerships with MNEs or SMEs of all sizes, such as systems integrators or financial and costing software companies.

It is willing to collaborate with vendors interested in becoming one of its innovation partners for exploiting new technologies through in-licensing and co-development, particularly software companies serving the manufacturing Industry.

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