In any cost reduction effort always use the theme: “There is always a better way to do anything!”
The key to Cost Reduction is to retain the function of anything and reduce the costs without jeapordzing quality.
Cross-functional teams, and brainstorming, are critical to Cost Reduction using Pareto’s 80/20 principle to find the top to bottom cost reduction items. Have the item in front of the team: This helps with generating ideas.
Use your Suppliers for Cost Reduction. They are the specialists in their field of expertise. Ask them pointed questions for Cost Reduction: Is there a standard item that can replace the special item we request? Can some process steps be eliminated and yet retain the function? Is there a better cost reduced finish that we can consider?
Consider having a Suppler Day for Suppliers of the item/commodity in question. This works very effectively, if planned and executed well.