New Product Development and Value Stream Mapping:A Case Study in Electrical Manufacturing Industry

In response to global recession, the growth of business world has created tighter market competition, as existing industrial market become more global, and have penetrated the inter-states boundary and forcing manufacturing operations to continually striving to reduce cost of their products. For this purpose lean tools are used because lean focus on continuous improvement of a company towards ideal through the reduction of waste. Value stream mapping which comes under lean whose purpose is to provide optimum value to the customer through a complete value creation process. For this purpose we have tried to show how the cost can be reduced by using lean tools properly. An electrical protection device manufacturing company has been selected for case study. This paper has highlighted development of product named Sub Main Distribution Board and reduced the cost of product by finding alternative vendors as well as changing designs and also make planning for improvement from value stream mapping and achieve target also to introduce it into the international market.