Emily Newton, Editor-in-Chief, Revolutionized11.15.23
You can simplify component manufacturer selection using six clever strategies. Finding the right partner is critical for ensuring products are high-quality, reliable and cost-effective. However, searching through huge directories of manufacturers can be overwhelming. Several key strategies can help clarify top priorities and secure a contract with the right company in less time.
Balancing scale and specialization can be challenging when trying to secure a good component manufacturer. Before starting the search, it’s best to determine what factor matters the most and what minimum requirements are needed in each category. Additionally, consider any specialized manufacturing processes you require, such as 3D imaging or nanotechnology. Certain niche processes may be more difficult to find than others.
Prioritizing specialization is a great way to narrow the options and speed up the search process, especially if you need a niche product manufactured. Identify several manufacturers with the right expertise and determine which ones have the scale needed.
For example, you might want your products to be low-cost and have a rapid turnaround time. In this case, look for a manufacturer that delivers fast, affordable service—although the product quality might not be as high as others. Likewise, a company offering rapidly made, high-quality products will usually charge more for their services than a budget manufacturer would.
This strategy can help to easily get an overview of your options. It may also help you decide what to prioritize. For example, you might find that one of your top manufacturers has the certifications and expertise you’re looking for but still operates on a lower scale. This might not be a deal-breaker, but it can impact the decision. Depending on what’s most important, you might give more weight or points in certain categories.
There are several factors to include in a point system analysis. For example, supply chain management skills are crucial in medical component procurement. Reliable, high-quality manufacturers excel at supply chain management, meaning they consistently display good quality control and timely delivery, as well as high customer satisfaction rates. Analyzing these three traits is a good way to identify low-risk manufacturing partners with strong track records.
Other factors to consider include certifications, facilities, equipment, expertise, scale, and location.
On the other hand, location can also impact contract procurement strategy. For example, you may need to work with distributors to acquire components from specialty manufacturers in other countries. Some companies only ship within a small region, meaning you may not be able to get a contract on your own. A global distributor can bridge the gap by acting as your liaison in the manufacturer’s region.
You can leverage your network to find high-quality manufacturers in several ways. You may already know many other people in your industry. However, you’re not limited to existing contacts. Attending industry conferences, conventions, and trade shows is a great way to quickly forge new business relationships.
Additionally, you can join professional organizations to help you grow your network. For example, the Medical Device Manufacturers Association regularly hosts industry events focused on manufacturing. Institutions like this can be a fantastic source of referrals and contacts. They can also help to stay ahead of major changes in the supply chain, such as policy and compliance updates.
For example, you may want to build a closed-loop supply chain, which can reduce waste and pollution and improve carbon footprint. Some manufacturers may be better suited to support closed-loop processes than others. Communication also plays an important role here since it requires more collaboration to recycle and reuse goods with the same team of partners.
Location is also an important part of a manufacturer’s sustainability profile. You should choose a domestic partner if you want to reduce the carbon emissions associated with your products. Working with international companies typically leads to higher emissions due to shipping unless you can find affordable clean transportation options.
It may be challenging at first to find manufacturers that prioritize sustainability. However, taking the time to search for them may help to acquire a contract more quickly since you can connect over a shared concern for the environment.
Emily Newton is the Editor-in-Chief of Revolutionized. She’s always excited to learn how the latest industry trends will improve the world. She has over five years of experience covering stories in the science and tech sectors.
1. Scale vs. Speciality
Scale and specialty are two of the biggest factors when searching for a component manufacturer. Companies that can’t produce your components in the quantity and scale you need won’t be a good fit. Likewise, if a business doesn’t have experience working with the type of product you want, it may not be able to meet quality requirements.Balancing scale and specialization can be challenging when trying to secure a good component manufacturer. Before starting the search, it’s best to determine what factor matters the most and what minimum requirements are needed in each category. Additionally, consider any specialized manufacturing processes you require, such as 3D imaging or nanotechnology. Certain niche processes may be more difficult to find than others.
Prioritizing specialization is a great way to narrow the options and speed up the search process, especially if you need a niche product manufactured. Identify several manufacturers with the right expertise and determine which ones have the scale needed.
2. The Two-Out-of-Three Rule
There’s a saying in the business world that if you want something fast, high-quality and low-cost, you can only have two out of three. This is a good rule of thumb when securing component manufacturers because it can help to easily prioritize what you’re looking for.For example, you might want your products to be low-cost and have a rapid turnaround time. In this case, look for a manufacturer that delivers fast, affordable service—although the product quality might not be as high as others. Likewise, a company offering rapidly made, high-quality products will usually charge more for their services than a budget manufacturer would.
3. The Point System
A more in-depth version of the two-out-of-three rule is a point system for ranking potential manufacturers. This strategy involves identifying the top qualities desired in a partner and scoring possible matches based on how well they meet those criteria. For example, you can give each company a score on a scale of one of five in each of 10 main qualities. The manufacturer with the most total points is the best match.This strategy can help to easily get an overview of your options. It may also help you decide what to prioritize. For example, you might find that one of your top manufacturers has the certifications and expertise you’re looking for but still operates on a lower scale. This might not be a deal-breaker, but it can impact the decision. Depending on what’s most important, you might give more weight or points in certain categories.
There are several factors to include in a point system analysis. For example, supply chain management skills are crucial in medical component procurement. Reliable, high-quality manufacturers excel at supply chain management, meaning they consistently display good quality control and timely delivery, as well as high customer satisfaction rates. Analyzing these three traits is a good way to identify low-risk manufacturing partners with strong track records.
Other factors to consider include certifications, facilities, equipment, expertise, scale, and location.
4. Location-Based Selection
Location has become increasingly important as manufacturers, suppliers, and distributors grapple with shortages and delays. Depending on priorities, you may want to focus the search on a certain location. For example, local and domestic companies can help avoid delays from overseas shipping. It may also be easier to secure contracts with them, since you will be easy to work with as a domestic partner.On the other hand, location can also impact contract procurement strategy. For example, you may need to work with distributors to acquire components from specialty manufacturers in other countries. Some companies only ship within a small region, meaning you may not be able to get a contract on your own. A global distributor can bridge the gap by acting as your liaison in the manufacturer’s region.
5. Networking and Referrals
Networking can be a great way to find and secure component manufacturers. Colleagues and contacts in the medical industry may be able to recommend companies they’ve had a good experience with. Sometimes, a referral may even help to secure a contract more quickly.You can leverage your network to find high-quality manufacturers in several ways. You may already know many other people in your industry. However, you’re not limited to existing contacts. Attending industry conferences, conventions, and trade shows is a great way to quickly forge new business relationships.
Additionally, you can join professional organizations to help you grow your network. For example, the Medical Device Manufacturers Association regularly hosts industry events focused on manufacturing. Institutions like this can be a fantastic source of referrals and contacts. They can also help to stay ahead of major changes in the supply chain, such as policy and compliance updates.
6. Sustainability-Focused
One final strategy to secure component manufacturers is the sustainability-focused approach. More businesses are making ESG initiatives a top priority today. If this is the case with your organization, you may want to start by analyzing the environmental impact of different manufacturers.For example, you may want to build a closed-loop supply chain, which can reduce waste and pollution and improve carbon footprint. Some manufacturers may be better suited to support closed-loop processes than others. Communication also plays an important role here since it requires more collaboration to recycle and reuse goods with the same team of partners.
Location is also an important part of a manufacturer’s sustainability profile. You should choose a domestic partner if you want to reduce the carbon emissions associated with your products. Working with international companies typically leads to higher emissions due to shipping unless you can find affordable clean transportation options.
It may be challenging at first to find manufacturers that prioritize sustainability. However, taking the time to search for them may help to acquire a contract more quickly since you can connect over a shared concern for the environment.
Finding the Perfect Component Manufacturing Partner
Manufacturers are a vital link in any medical component supply chain. Finding the right one for your product may seem challenging initially, but you can simplify the process using a few clever strategies. Ultimately, it’s a matter of understanding top priorities and identifying the best manufacturers to meet your needs.
