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The 2022 Manufacturing KPI Checklist Should Include These Five Indicators

Bhagyashri Kambale | December 23, 2021 | 1654 views
THE 2022 MANUFACTURING KPI CHECKLIST SHOULD INCLUDE THESE FIVE INDICATORS
Every manufacturing company aims to be as efficient as possible to maximize profit. However, it's difficult to determine where you stand and what targets to establish unless you can precisely measure your efficiency. Manufacturing KPIs play an important role in this process.

Keeping track of many indicators without considering their commercial worth is a waste of time.

“Not everything that can be counted counts and not everything that counts can be counted”

- Albert Einstein

But connecting goals to measurements is a certain way to track progress and improve processes. So let's get started with how to choose the most appropriate key performance indicators (KPIs) for your business.


Manufacturing KPI 2022: How to Choose the Right One?

Why are KPIs called “Key” Performance Indicators? While any statistic can be used to assess performance, KPIs are the most critical. Hence they are called key performance indicators.  Companies' priorities while selecting their company KPIs may differ substantially depending on the industry in which they operate.

“Strategic-operational KPIs alignment gives the organization a powerful tool to use when implementing change.”

― Pearl Zhu

A corporation should not track more than ten manufacturing KPIs to avoid overblowing processes. So, manufacturing efficiency, customer satisfaction, lead times, etc., should all be included.

Depending on your business nature, you must select your KPIs. However, each of those indicators must meet a set of criteria before being considered meaningful.

So, what is a decent KPI for manufacturing?
  • It gives objective and clear data on progress toward a certain goal
  • It measures efficiency, quality, punctuality, and performance
  • It allows for tracking performance over time
  • It helps in decision making
  • It should be the one that matches the company's long-term objectives
  • It has to be measurable and quantifiable
  • It must be realistic and actionable

Following that, let's have a look at the most important manufacturing KPIs for 2022, which will assist you in better understanding your manufacturing business and formulating a growth strategy in line with that understanding.


Most Critical Manufacturing KPIs in Order of Priority

Despite the fact that manufacturers should also monitor general key performance indicators (KPIs) such as sales revenue, net profit margin, and so on, the manufacturing business demands the tracking of specific manufacturing metrics. Below are some of the most important manufacturing key performance indicators (KPIs).


Work-in-process

Using this manufacturing KPI metric, you can see how much value there is in products still in progress. It assists manufacturing organizations in determining how much of their working capital is locked up in incomplete products and can aid in identifying supply chain management difficulties.
You can compute the Work-In-Progress (WIP) by using the formula provided below.


Return on Assets 

This manufacturing KPI seems to be more about financing than manufacturing. Yes, it does. However, financial measurements are just as vital as production ones. A firm cannot exist unless it generates revenue, and this indicator measures how efficiently your company uses its assets and generates revenues.
The Return on Assets (ROA) of your company can be calculated using the formula below.

Cost Per Unit

It is critical to understand the overall manufacturing cost per unit. You can't appropriately price a product without it. This manufacturing KPI divides total manufacturing costs by the number of units produced. Materials, overhead, depreciation, and labor are standard costs.

Demand Forecasting

Companies utilize this manufacturing statistic to forecast future raw material needs to satisfy client demand. Unfortunately, this statistic is more challenging to employ because it is mainly dependent on unpredictable external circumstances. The basic formula is:

Where:
  • The seasonal factors are distinct
  • Average demand is calculated as:


Lead Time

A company's lead time, also known as order cycle time, is an important KPI. It shows how swiftly your organization processes orders and meets client requests. It is time it takes to complete an order from confirmation to delivery.

Long lead times can imply process inefficiencies that produce bottlenecks and excessive expenses. Conversely, short lead times are important since they allow you to respond to consumer needs swiftly and efficiently.

The total lead time can be divided into smaller segments as follows:
  • The time it takes to manufacture a product from start to finish
  • The time it takes to deliver a product from stock to a client
  • The time it takes suppliers to deliver products to manufacturers
By segmenting the lead time, you may more precisely identify the areas where inefficiencies in the process occur.


Toyota’s Four Key Performance Metrics 

As a company, Toyota places a high focus on environmental protection. Toyota's vehicles are designed to use less fuel and produce less waste.

Regardless of the company's size, Toyota is committed to protecting the environment. Toyota's 'Earth Charter' was created in 1992 as part of the company's Global Policy initiative. It was Toyota's first overseas facility and the UK's first ISO14001-certified car manufacturer. Waterborne paints were utilized for the first time and zero waste was sent to landfills. In 2009, Toyota Manufacturing UK did not use any incinerators.

Toyota has developed a set of key performance indicators (KPIs) for each of its major production areas. There are four key performance metrics: energy, water, waste, and volatile organic compounds (VOCs). 

Since its start in 1992, Toyota Manufacturing UK has attempted to mitigate its environmental impact. The figure below illustrates the environmental KPIs for the Burnaston plant. Each year, Toyota sets new goals to improve its results.
  • 79% reduction in vehicle energy consumption
  • 62%  reduction in waste per car
  • 76% reduction in VOC emissions per car
  • 79% reduction in water consumption per vehicle


Final Words

You can use the aforementioned manufacturing KPIs to construct your manufacturing KPI template, but keep in mind that the manufacturing metrics you need to track may differ from those listed here. The first prudent move any business can make while examining its operation is to identify and track the relevant KPIs. Also, in manufacturing, there are several different KPIs, phrases, and abbreviations need to be understood and used where it makes the most sense.


FAQ


What is manufacturing KPI?

A manufacturing Key Performance Indicator (KPI) or metric is a well-defined and measurable indicator that the manufacturing sector uses to evaluate its performance over time and compare it to that of other industries.


What are the key KPIs for manufacturers?

On-Time Delivery, Production Schedule Attainment, Total Cycle Time, Throughput, Capacity Utilization, and Changeover Time are some of the key manufacturing KPIs.

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