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:
Why Are US Logistics Under So Much Strain? + E-commerce Challenges (feat. Marshall Taplits)
How design authority leads to product safety liability (feat. Clive Greenwood & Andrew Wilson)
Is ‘Right To Repair‘ a headache or opportunity for manufacturers?
Negotiating terms, leverage over suppliers, and describing your needs - Sourcing from China (Part 2)
What Is The Cost Of Poor Quality? (feat. Clive Greenwood & Max Phythian)
China‘s ‘Power Crunch‘ - What‘s Causing It & How Does It Affect Importers?
The First To Market Fallacy For Made-In-China Products
Exploring Product Design & NPI Process Best Practices For A New Product (feat. Andy Bartlett)
What Are The New Product Development Deliverables?
Identifying suppliers, verifying them, & cultivating ‘backups.’ - Sourcing from China (Part 1)
How To Push A Supplier To Move To Zero Defects? (feat. Clive Greenwood & Max Phythian)
5 Challenges Importers Face When Preparing For 2022
Is Mexico A Credible Alternative For Importers From China?
Four Options For Sourcing From China & Sourcing Best Practices
Clive Greenwood | What Does The EU Medical Device Regulation Tell Us About Compliance's Future? Be Afraid!
Rico Ngoma | What A New Buyer On A Small Budget Should Know Before Buying From China
Clive Greenwood | 'Made In China' Product Compliance Gaps & Loopholes
A Guide To Plastic Injection Mold Tooling Management & Risk Reduction For Buyers
How Did Sea Freight End Up In Such An Expensive Mess In 2021? (feat. Jon Monroe)
How To Improve Supplier Performance?
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