Value Engineering & Value Analysis
Value engineering, also called value analysis (VAVE), is an organized approach within the manufacturing process to garner necessary functionality within a project at the lowest possible cost. Value analysis also strives to improve the value of a process or product by gaining deep knowledge of its constituent parts and their associated costs. Then, value analysis sets off to determine opportunities for improvements to each part by either increasing the value of its functionality, or lowering the overall cost. Value engineering strives to find opportunities for substituting methods and materials that are less pricey alternatives without sacrificing on the quality of functionality. When you work with a value engineering and value analysis manufacturing company like Laszeray, it is critical to make sure they offer services reflected in all stages of the product development process, while ensuring the analysis and value engineering services are aligned with your goals.
Although Value Analysis and Value Engineering (VAVE) are two distinct processes for enhancing the worth of a specific product. VAVE is also occasionally called “Value-Added Value Engineering,” but this is not the standard usage despite it being one that some still embrace. In today’s competitive market, our VAVE services can help reduce costs and lead times, while increasing throughput. In addition to engineering support and manufacturing, Laszeray offers turnkey solutions that are tailored to your company’s specific needs.
The two elements of VAVE can be summarized as follows:
- Value Analysis (VA) – This process involves a comprehensive evaluation of an existing product, with the aim of improving its functionality, increasing its aesthetic appeal, and/or reducing manufacturing costs.
- Value Engineering (VE) – This process occurs during the product development stage, with the aim of maximizing the value of a product prior to manufacturing.
Our wide range of Value Analysis/Value Engineering services includes sub-assembly, assembly, final pack-out, and even drop shipment of finished goods. Our skilled assembly and sub-assembly staff and robotic part handling equipment lets us assemble even the most complicated products, using in-house manufactured components or combined with sourced components.
We can also help with kitting, warehousing, sourcing, and packaging. Value engineering analysis can identify improvements in design, material, or processing to help reduce costs.
Need testing of the final assembly? Laszeray offers that too. Need a service not listed here? Just ask! Our goal is to be your partner and offer value-added services to help streamline your business. Through every stage of the development and manufacturing of your product, we monitor for quality assurance. You can count on Laszeray to see your product through from concept to completion.
Value Engineering in Product Development and Benefits
Value Engineering sets its focus on new products. It is initiated during product development with a focus on enhancing functionality, reducing costs, or both of these, via a collaboration of teamwork-based product evaluation and analysis. Value engineering in product development is initiated before any capital is invested in machine tooling or special equipment.
Value engineering in product development is significant because numerous reports indicate that the design and development stage has an impact on up to 80% of a product’s cost throughout its life cycle. When seeking value engineering services and value analysis, make sure the provider factors in the machine tooling and proper equipment, training costs, labor, material cost and effectiveness, shipping, installation, maintenance, and the decomisin and recycling costs–all things that should be part of a value engineering strategy that give brands multiple benefits in each designated area.
How does Value Analysis Work?
Value analysis works to reduce costs thus allowing brands to spend less on expenses and garner higher profits at the end of their quarter or year. Businesses work with companies that offer value analysis services in order to orchestrate innovative ways to achieve cost reduction while guaranteeing that the integrity of the products and their process isn’t compromised. This is achieved by analyzing the value or utility of products and how this relates to the incurred cost. At Laszeray, this is done using a value analysis team of seasoned experts via the examination of various components of a product, then any areas that highlight avoidable costs are pinpointed, and solutions are created to address each accordingly. Once solutions are identified, they are tested, then implemented.
Example of Value Analysis
If you are on the leadership team for your company’s product development department, you may be looking for a good example of value analysis that can be presented and easily understood by investors and other decision makers. Here is an example of value analysis:
For example, value analysis of a scuba diving computer will involve applying various methods to break down a dive computer’s functionality and the costs involved at its various development stages to loop in those functions. The Laszeray team will analyze the scuba diving computer’s functions from the end of the user experience, which would be to stay within the safe limitations of a dive while seeing the time, depth, rate of descent, and other factors. The team will also take into account its ease of use, how it integrates into multiple dive systems, and any factors that bridge performance to meeting the needs of your customers.
The analysis will outline all functions that are both necessary and unnecessary for enhancing the user experience, reducing costs, and improving the overall design while enhancing the general needs of the target customer audience. This is a critical service to brands, as it will make their product cheaper to produce, and make it more widely available to a larger cohort of buyers at a lower price point than competitor products.
What Other Capabilities come with Value Engineering and Value Analysis by Laszeray?
Companies in need of value engineering and value analysis are usually looking for multiple services critical to product development and improving efficiency across multiple areas. This is why Laszeray offers kitting.
Kitting is the packaging of all the parts needed for a specific product’s manufacturing into a single unit with one part number. Kitting reduces material handling time and costs.
- Sourcing – We can identify, evaluate, and engage suppliers for whatever additional items and resources your finished product requires.
- Inventory and Stocking Programs – We can manage both on- and off-site inventory of products and supplies on an on-demand basis.
- Inspection and Certification – We can inspect products, assemblies, and sub-assemblies to ensure they meet a variety of standards-compliant certifications
- Assembly – Laszeray can assemble your precision components, including mechanical and electrical parts, with a combination of skilled staff and robotic part-handling equipment.
- Sub-Assembly – If you don’t require full assembly of your product, our team can build sub-assemblies from your components to your specifications.
- Packaging – We offer many packaging options, from simply protecting your product to fully decorated point-of-sale packaging.
- Drop Shipping – At your direction, we can drop-ship fully assembled and packed products right to your distribution center or customer.
Call Laszeray for Value Engineering & Value Analysis Today
Before you partner with a company for value engineering and value analysis, it’s important to learn about the provider. Since its founding in 1994, Laszeray Technology has offered an array of product development and engineering services to clients from a broad spectrum of industries, including the medical, aerospace, oil and gas, recreational, and transportation sectors. In addition to value analysis and value engineering services, our team of engineering experts are highly skilled in tooling, prototyping, secondary manufacturing, and related processes. Laszeray’s state-of-the-art, 62,000-feet, ISO-certified facility is located conveniently in America, right in Ohio. Call Laszeray for more information about our value analysis and value engineering services today.