Analysis of the accessory business : focus on electromechanical grips

Abstract

Today, many manufacturing companies are facing numerous challenges that had not been present in the past. The paradigm of how companies must perform has dramatically changed over the years. Back in the 1980's customer service was used as a tool to gain competitive advantage. Now, good customer service is expected from the vendor and few companies survive if they don't embrace best of breed practices such as this one. In addition, quality, cost and delivery time have become intrinsic values for the consumer. Not only does the product need to be at a lower cost but they also need to be of higher quality and be delivered promptly. Instron Corporation is one of the companies that is searching for ways to remain as the industry leader given the fierce competition they face. This company sells electromechanical testing machines and has a large after market for accessories for these machines. While the company has placed a lot of effort into certain areas, others have been completely neglected. This project will focus on the accessory business of the electromechanical systems. The intent has been to identify the major problems that the accessory business faces and provide the company with a set of tools and guidelines that will help the company perform more effectively. Due to time constraints, the research was done on one segment of the accessory business, the grips. Therefore, this thesis should be used as a template for the rest of the accessory business. Topics included are; product rationalization, redesign with product platforms, and an inventory model to reduce existing inventory investments and increase inventory turns.