FMEA: Investing in the future

Find out how costs for can be calculated and managed. See for yourself the long-term benefits that has to offer in terms of quality, customer loyalty, and reputation.

FMEA is without a doubt an investment in the future. It is essential to understand this is an investment in preventing potential problems and related costs that might otherwise occur. Experience has shown that Murphy’s law is always right: “Everything that can go wrong, will go wrong – it is simply a question of the number of attempts or a matter of time.”

Some key considerations:

1. Early recognition of risks: FMEA is a preventive process that enables you to recognize potential problems and risks at an early stage and address them before they develop into costly challenges.

2. Calculable costs: It is true and self-evident that implementing FMEA requires both financial resources and employee engagement. The costs can be calculated and easily managed.

3. Benefits from cost savings: The benefits of FMEA are evident in the savings made inn “hypothetical” costs, i.e. for failures and effects that may have occurred. Why? No-one can say with certainty whether the potential cause-failure-effect would actually have occurred if FMEA had not been carried out. This dilemma affects all preventive procedures in the context of potential failures. This is precisely where FMEA comes in, as it evaluates the probabilities of occurrence and detection as well as their potential effects in a systemized process.

4. FMEA and economic viability: Economic viability is the priority. With every investment, it is wise to question economic viability. Best practices for FMEA are offered here:

Analyze your current risks: Examine what risks and potential costs are currently being borne by your company, and consider what effect FMEA could have on them. To get a sense of its suitability, compare the actual costs of FMEA (e.g. moderation costs and employee resources) with the risks.
Check out the effectiveness of the measures developed in FMEA in series production.
Compare with industry standards: Consider how other companies in your industry use FMEA, and think how you can improve your competitive position.
Think long-term:Note that FMEA enables not only short-term savings but also offers long-term benefits in terms of quality, customer loyalty, and reputation.

We hope that these thoughts and observations have broadened your perspective of the importance and benefits of FMEA and customer encourage you to make this valuable investment in the future of your company.