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Empowering OEMs with myeNovation: Facilitating Cost Efficiency and Sustainable Growth

Client Overview

Our client, an established Original Equipment Manufacturer (OEM) in the automotive sector, faced challenges in driving innovation, optimizing costs, and sustaining operational excellence across multiple units. With a diverse workforce and complex production processes, they sought a solution that could streamline operations, foster innovation, and deliver tangible business benefits.

1. The OEM struggled to harness the full potential of employee ideas and innovations.
2. Rising operational costs and inefficiencies were impacting profitability.
3. The need to sustain and enhance operational excellence across all units.
4. A solution that could be deployed horizontally across departments and locations.
5. Ensuring long-term success through continuous improvement and audit processes.

Implementation of myeNovation



1. Innovation Acceleration: myeNovation introduced a digital platform for idea generation and collaboration, enabling employees across departments and locations to contribute innovative ideas. This accelerated innovation cycles and promoted a culture of continuous improvement.

2. Cost Optimization: The platform facilitated cost-saving initiatives by providing insights into operational inefficiencies, allowing the OEM to implement targeted cost reduction strategies. This included optimizing supply chain processes, reducing waste, and enhancing resource utilization.

3. Tangible and Intangible Benefits: - Tangible Benefits: Achieved 15% reduction in production costs, 20% decrease in inventory holding costs, and 30% improvement in production efficiency within the first year. - Intangible Benefits: Improved employee morale, enhanced cross-functional collaboration, and strengthened customer relationships through innovative solutions.

4. Horizontal Deployment Process: - Conducted a thorough assessment of each department's needs and challenges. - Tailored the myeNovation platform to address specific requirements of different units while ensuring a standardized approach. - Conducted comprehensive training sessions and onboarding programs to familiarize employees with the platform and its benefits. - Implemented the solution in a pilot phase to gather feedback and fine-tune the system before full-scale deployment. - Deployed myeNovation horizontally across all departments and locations, ensuring seamless integration and adoption.

5. Sustenance Audit Process: - Conducted regular audits to evaluate the effectiveness of myeNovation in driving innovation, cost savings, and operational excellence. - Implemented feedback mechanisms to gather insights from employees, stakeholders, and customers regarding the platform's performance and areas for improvement. - Leveraged audit findings and feedback to make iterative improvements to the platform, processes, and strategies, ensuring sustained benefits and long-term success.

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Results Achieved



 1. Cost Savings: Achieved INR 97,00,000 in annual cost savings through streamlined processes and targeted cost reduction initiatives.
2. Innovation Excellence: Increased patent filings by 25%, showcasing a culture of innovation and intellectual property creation.
3. Operational Efficiency: Reduced production lead times by 30%, improved on-time delivery rates by 20%, and enhanced overall operational efficiency.
4. Employee Engagement: Boosted employee engagement levels by 40%, leading to higher productivity, reduced turnover, and improved job satisfaction.
5. Customer Satisfaction: Enhanced customer satisfaction scores by 15%, driven by innovative solutions and improved service levels.  

Conclusion

The successful implementation of myeNovation enabled our OEM client to achieve significant cost savings, drive innovation, and sustain operational excellence. By leveraging technology, fostering a culture of collaboration and continuous improvement, and implementing robust audit processes, they not only addressed existing challenges but also positioned themselves for continued growth and competitiveness in the industry.

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Iva Divic

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