Top KPIs for SMEs in Manufacturing Industry 4.0
<![CDATA[Mid-size manufacturing companies that want to be competitive in Industry 4.0 need to be effective in achieving their key objectives, such as maximizing productivity or meeting agreed deadlines, among others. Key Performance Indicators (KPIs) are quantifiable measures that companies can use to achieve these goals. Without establishing clear KPIs, a business cannot set realistic deadlines, make progress in reducing backlogs or excess inventory, and determine which products are generating the most profits. Bypassing KPIs today can cost time, money and customers, and therefore affect the success of companies. That is why we are going to see some of the main KPIs for manufacturing SMEs below.
Top Key Performance Indicators for Midsize Manufacturing CompaniesChoosing the right KPIs and using the right metrics to monitor them is critical to making the transition to 4.0 technologies worthwhile. While not all companies have the same needs, the most relevant KPIs for medium manufacturing companies are as follows.
- Overall Equipment Efficiency (OEE)
- Respect for delivery times
- The average profit margin
- Managing work in progress
- The just-in-time
- Monitor and manage excellence