3D printing can make a dramatic difference for manufacturing, but not in the way you might expect. Today’s 3D printing technology may not be useful for the future of high volume consumer product manufacturing, but here is an example that could ‘change the game’ in a very significant way.
Digital manufacturing is a strategy. Ideally, this comprehensive strategy for managing and sharing engineering data — product definitions, bills of materials (BOM), engineering specifications, etc. — through the entire product lifecycle can be valuable for design improvement, product support and logistics.
No company wants to have its products recalled. However, if a recall is necessary, the priority is to minimize the ramifications and complete it as quickly and efficiently as possible. Certain industries—such as consumer packaged goods, pharmaceutical, and automotive, among others—are well acquainted with the need to properly accomplish recalls. However, many other industries also are at risk, and they might not even know it.
All companies keep track of the value of inventory that they have in stock because it is an important part of the company’s financial status — usually one of the larger assets on the balance sheet. Total inventory value is not a useful measurement for operations, however. It needs context, and that’s what is provided by inventory turns.