This is my 3rd in a series of four blogs on helping you get funding to implement a 21st century PLM solution – a solution that will allow your business to move faster than your competition. The first blog laid the groundwork for operational excellence. My second blog highlighted how you need to focus on quality—as quality should be key to every successful medical device company. This blog will detail the second strategy: make your CEO and CFO look good.
Effective leadership is primarily measured on 3 things:
- Making effective use of capital
- Being ready for product commercialization from the get-go
- Improving margins
So if these 3 things are on the mind of your CEO or CFO, what would appeal to them in your request for additional funding? Don’t you think that if you show them how focusing on quality will positively impacts these 3 things, you will get them to invest in your vision? I believe it will – and as I mentioned in my first blog – it has. Many have tried this approach with outstanding results.
So how do you make your CEO and CFO look good?
- Reduce product development cycles
- Make more products (within the same time frame)
- Reduce the operating cost needed to make the product.
Remember, inefficient processes and systems that manage new product introductions, product lifecycles, suppliers and quality cause breakdowns in the entire process. And when there are quality breakdowns along the way, your company can’t achieve its business objectives.
Improved quality and compliance processes dramatically affect a company’s bottom line. To achieve your company’s goals, a solution must do the following:
- Effectively manage design control leading to designing for operation excellence
- Improve operation efficiency through more efficient quality processes
- Strive for continuous improvement through the collection of metrics and trends, which allow executives to measure the effectiveness of the product for commercialization activities
Every CEO or CFO (along with other members of the team) should have direct visibility into all relevant processes (both product and operations) at any time and from anywhere. A better PLM solution will achieve that goal. The executive should be able to see margin targets, revenue goals, customer satisfaction and instant compliance. If that person can’t, he or she is working in the dark. And that’s not a comfortable place for any executive.
To learn more about RitePro and how it will help you achieve operations excellence, click here.
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