It is a common goal amongst businesses alike, across any industry, to strive to increase their overall value. Above the numbers on the balance sheet, there are other ways a company can drive their value - and Mr. Narrative is a tool that can help with just that. This post provides an overview of some key areas where Mr. Narrative can help you increase your company’s value.
1. Improving Training
The training of new employees can be a time consuming task, often eating into potential capacity on the shop floor while the employee learns their new position. There is also a question of consistency - if the new employees are trained by different trainers, will they come out performing their tasks different? Lastly, there is often a disconnect between the training and the actual task. What will your employees remember from their training once they are asked to complete the task on their own?
Not only can Mr. Narrative address the issue of training time and consistency by providing easy to understand, step by step, imaged based instruction that can be accessed anytime, but it also can provide a platform to test your employees knowledge to ensure there is no disconnect and that they fully understand what is being asked of them. Having your trainee create their own set of instructions can help confirm that they have an understanding of their tasks.
2. Reduce Errors
Once a company has consistent training, the number of errors will be reduced. The employers do not have to hold their employees accountable for their memory of a task. The employees can simply search for the task at hand and follow the step by step instructions. Ensuring the task is completed the same way every single time reduces the amount of errors, which has a direct relation to scrap costs. When errors are reduced the cost of scrap will decrease because procedures are being completed correctly the first time.
3. Time Savings
Time is very valuable no matter what industry you are in. Mr. Narrative allows companies to save time in many ways. Managers will spend less time answering questions and making sure procedures are completed consistently. Employees will spend less time figuring out what procedures or tools to use. Specifically, in the manufacturing industry, set-up times will be reduced greatly because all the information the employee needs will be in their hands. With reduced set-up times, companies have the ability to increase their capacity.
4. Retaining Tribal Knowledge
In previous blog posts we have addressed the idea of tribal knowledge and the aging workforce. To reiterate - many of your senior employees, who have been working on your shop floor for the last 20+ years, who know their job like the back of their hand and could do it with their eyes closed, will be retiring and leaving the workforce in the near future. What happens to that valuable knowledge? By finding a way to obtain that knowledge within your company you can help to increase its overall value. Mr. Narrative allows your to capture this knowledge directly from those senior employees, and build a fully searchable database of tasks and processes. This ensures employees for years to come can continue to benefit from this knowledge years after your lifelong employees leave.
A company's value is way more than just numbers. By improving training, reducing errors, saving time and retaining tribal knowledge you can find other ways to greatly increase the overall value of your company. If you’re curious to learn more about how Mr. Narrative can help, please contact us at info@invaware.com.