Ideally, products are developed and manufactured using a systematic approach that assesses value for the marketplace. This value is evaluated as a ratio of function to cost. Value increases either by reducing cost or improving the nature of a function—which are client-defined performance requirements. Both of these are based on what will be acceptable by the marketplace. OEMs undergo pressures to improve product quality and function without increasing cost.
In time, the value of products wane due to practical, economic, or stylistic obsolescence. This decline could be attributed to factors like change in conditions, insufficiency of information and ideas, lack of time, and current practices and approaches. Product owners can address these challenges with Value Engineering (VE)—a professionally applied, function-oriented, systematic team approach used to analyze and improve products, facility designs, systems, or services. This process is a powerful international industry standard for effectively solving problems and reducing costs while enhancing performance and quality requirements. At its core, value engineering uses rational logic, a highly-structured methodology that examines all aspects of design, function, quality, and performance requirements with a goal of enhancing the overall value.
This white paper outlines why it’s important for medical technology OEMs to utilize the value engineering process and the challenges firms will face without discovering and implementing VE solutions. The paper also describes the method, the merits of working with an experienced VE partner such as Cyient, and several success stories.