Adrian and Sofeast's head of New Product Development, Andrew Amirnovin, delve into the topic of the cost of poor quality and reliability and why the phrase “Pay Me Now, or Pay Me Later" is so appropriate for when engineers talk about it.
You'll learn what makes up the cost of GOOD quality and reliability and why this amount is actually dwarfed by the cost of POOR quality and reliability. So if manufacturers don't pay now before production to solve and avoid issues, they're certainly going to pay a lot more later to put them right (if you even can by then)!
Show Sections
00:00 - Greetings and introducing the topic.
01:34 - What does “Pay Me Now, or Pay Me Later" mean?
03:34 - Why is the cost of poor quality so important?
05:34 - What is the difference between the cost of GOOD and POOR quality & reliability?
07:18 - What drives up prevention costs?
09:31 - What drives up appraisal costs?
18:40 - What drives the cost of internal failures?
22:56 - What drives the cost of external failures?
26:55 - Our recommendation: Pay now!
30:27 - Key takeaways from this episode.
Related content...
Get in touch with us
Subscribe to the podcast
There are more episodes to come, so remember to subscribe! You can do so in your favorite podcast apps here and don't forget to give us a 5-star rating, please:
Could Rising COVID-19 Cases In China Before CNY '21 Affect Supply Chains?
Andy Bartlett | Good Project Management With Chinese Suppliers From A Product Designer's Perspective
Why Do Importers Need Product Reliability Testing?
How To Validate Your Supplier's Factory's Production Capacity (From Abroad)?
Manufacture in China, Vietnam, India, or Elsewhere in 2021?
Tips For Continually Getting Good Results From A New Supplier | Vetting Chinese Suppliers (Part 11)
Why The Bill Of Materials (BOM) Is A Key Document For Importers
The Impact Of Chinese New Year On Importers & Tips To Prepare For CNY 2021
3 Types Of Quality Control Plans & Why They're Needed BEFORE Production
Pricing, Negotiation, Contracts | Vetting Chinese Suppliers (Part 10)
Exploring Good Manufacturing Practices (GMP)
How To Perform In-Depth Due Diligence On Your Supplier | Vetting Chinese Suppliers (Part 9)
The Basics of Quality Management for Buyers
Factory Testing Facilities | Vetting Chinese Suppliers (Part 8)
What Is Compliance Testing And When Is It Appropriate?
Analysing the (NPI) New Product Introduction Process & its Benefits
Exploring Process Audits | Vetting Chinese Suppliers (Part 7)
How & why to create a valid China manufacturing contract
All You Should Know About Management System Standards & Auditing Them
7 Manufacturing Challenges Due To Lack Of Transparency In China & How To Mitigate Them
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
NABOR® TALKS
U.S Property Podcast
Aligned Money Show
The Ramsey Show
Planet Money