1. Operating the Lean "machine"
Here we are not talking about the machines you are using, but about the way you operate your plant. This will consistently analyze your ongoing operating costs to determine where and when you can cut money. You certainly can't buy substandard materials, but you can find quality goods at cheaper prices. Which leads us to the next money-saving tip.
2. Use Big Data to Increase Your Buying Power
Next on the list is that dreaded term, 'big data'. So many owners and directors don't really understand what big data is. Think about this in terms of how you can automate many of your processes to reduce human labor hours. Now, with that analogy in mind, consider what can be done by analyzing big data in terms of supply and material pricing. By knowing and understanding what consumers want, you can find the best suppliers with reasonable pricing structures. Now, for the third tip, you're going to love it!
3. Finding competitive utility pricing
One of the biggest benefits of utility deregulation is that the price wars will always continue. You may not realize that new providers are popping up all over the place that can offer lower prices than the one you're dealing with now. This is another example of data analysis, except you don't have to do the analysis. They do the cost analysis for you so you can accept the bids you want!
4. Reduce energy consumption
Finally, just as you reduce labor costs by automating some (or all!) of your manufacturing processes to reduce labor costs, why not find ways to reduce your dependence on energy? That would be paid energy. Do you keep your equipment running when it's not? Perhaps you might consider shutting down the machine when you're in line for lunch, even if it's for an hour. There are a variety of ways to reduce your energy consumption, from making sure you turn off the lights when you're not using the office, to unplugging devices and chargers that produce trickle charging, to switching to energy-efficient devices.
In fact, all of these are part of Lean, but everyone has their own framework for making these changes. By reducing expenses, you will ultimately improve the profitability of your plant, which in turn will give you a competitive advantage in your industry. By reducing expenses, you can lower your pricing structure so everyone benefits. A great way to capture a larger market! Spend less and grow. That's the formula for success.