One of the more exciting and interesting professions in the world of product production is that of a manufacturing engineer. It takes years of education, training and experience to become a successful manufacturing engineer, but the best engineers in the industry are always in high demand. It is a profession that can reward a person handsomely for their hard work both financially and with a sense of accomplishment. It is a career that puts a person on the forefront of developing technology and allows that person to become part of something that could literally change the way that business is done all over the world.
The short definition of a manufacturing engineer is someone who analyzes manufacturing processes and then develops new methods or production and new ways for utilizing the equipment that a company has on its manufacturing floor. These are the talented professionals that find ways to save a company money by developing new production techniques and they also spend a great deal of time designing and testing brand new production equipment. Some engineers prefer to move from organization to organization in pursuit of new challenges, but others like the stability of staying with a single company. It can be extremely difficult for engineering firms to find the talent they need to advance their company’s goals and meet the expectations of their clientele.
There are several ways to reduce waste in production processes, and a manufacturing engineering expert spends years analyzing each and every way. Waste could be the result of redundant methods being used to create products. In many cases, the quality control phase of product manufacturing tends to contain redundancies that can seem essential to the company, but they are actually just wastes of time and money. An engineer can recommend a personnel utilization plan that eliminates the wasteful processes and puts those employees into positions that could help the company to be more profitable.
The manner in which a company uses its raw materials or the equipment in their production area can also be wasteful. Did you know that you may be able to lower your company’s electric bill simply by turning on your large production equipment at the same time of day? Engineers can analyze the methods, materials and equipment you use and come up with better ways to accomplish your goals. You will realize a significant savings in your overhead costs that can go towards paying down company debt or as funding for company growth projects.
It makes practical sense for a very large manufacturing firm to have engineers on staff at all times. There is always something new that needs to be analyzed or a new product line that needs to be refined for engineers to work on. But small to medium sized production companies do not need to have these high-paid professionals on their full-time payroll. The only option for these companies in the past was to hire expensive consulting firms that would not always give the best possible results. But with the changes brought about in the corporate world with outsourcing, there are now manufacturing engineering firms that can help small to medium sized businesses to improve their methods and save money.
One of challenges that small businesses face with manufacturing engineering is finding qualified people who are willing to take the time to learn the company’s needs and come up with a viable solution. The growth of small business in the corporate world has created a serious need for engineering firms that can cater to this growing sector. A qualified engineering firm understands how to talk to a small to medium sized business and find out exactly what kind of results the company is looking for. This kind of training and constant marketing can become expensive for engineering firms, but it remains the most effective way to bring in clients that can help pay the bills.
Manufacturing engineers use a wide range of equipment and processes to develop efficient methods for their clients. When a manufacturing engineer firm sees problems with its cash flow, it becomes difficult to provide the ongoing services its engineers need to do their jobs. Instruments need to be calibrated and data needs to be analyzed on a constant basis, and all of those services cost money. Invoiced sales are supposed to represent revenue to a manufacturing engineering firm, but the past due invoices that pile up are always going to cause cash flow issues that will hamper the work that the company is trying to do.
Payroll is also a concern for engineering firms and for those agencies that specialize in providing manufacturing engineering services. According to Indeed.com, the average salary for a manufacturing engineer in the United States is $82,000 per year. These types of engineers are also in high demand, which means that they have options to explore if they ever feel that they are being underpaid by an engineering firm or by a staffing agency. This battle to keep manufacturing engineers on staff and satisfied can cost an engineering firm a lot of money. There is no option to miss payroll on any given week, so there needs to be strong funding to meet all payroll obligations. That is why every manufacturing engineering firm needs to become familiar with factoring receivables.
Engineering firms are extremely dynamic organizations that require a stable source of funding to keep their operations going. Manufacturing engineers have financial requirements that must be met or they will find opportunities elsewhere. These are just some of the challenges that engineering firms face on a regular basis, and they are the kinds of issues that can be solved with factoring receivables. The receivables aging report for an engineering firm represents the hard work that the firm has done to find and secure clients of all sizes. But when those clients find it difficult to pay their bills, then the engineering firm will start to suffer.
Factoring receivables utilizes outstanding invoices as collateral against cash advances. Commerce Commercial Credit is a nationwide leader in invoice factoring for small to medium sized businesses. We will advance you cash based on the face value of your outstanding invoices and minus our lending fee. We have no hidden fees and we also have no set-up fees for you to worry about. We can approve and set up your account in three to five business days, which means that we will be able to regularly advance you cash from your approved invoices within 24 hours of receiving those invoices.
The manufacturing engineering industry is competitive enough without a slow cash flow to hamper your firm’s progress. With a company that factors receivables, you will always have the cash flow you need to meet payroll and pay your other ongoing operations. Manufacturing engineering is an exciting industry that puts your company at the forefront of innovation. Commerce Commercial Credit can help you to make sure that you always have the funding you need to keep the innovation alive.