When thinking about the tragedy of the Titanic, it is common to remember one of the major causes of its sinking: the iceberg. An iceberg is deceiving as it hides about 85% of itself below the surface of the water, making one believe that it is much smaller than it really is. The same can be said for the true cost of a fastener.
Factors of Fastener Cost
Fastener costs that can often be hidden below the surface may be labeled as an “activity cost”:
- Quality control
- Put on stock
- Picking and preparation
- Checking invoices/payments
- Yearly stocktaking
These activities have a cost associated with them for each part number in your Bill of Materials (BOM). By reducing part numbers in your BOM, you can cut your total fastener cost considerably. Don’t let your ship sink! Check out the Bossard Cost Savings Calculator, which allows you to calculate your potential savings by making Bossard your preferred supplier. Contact us at ProvenProductivity@bossard.com for help chipping away at your iceberg!