Here are some basic technical abbreviations from the manufacturing industry
SOP
Start of production
BOM
Bill of material
KPI
Key performance indicator
PPAP
Production Part Approval Process
PPM
Parts per million
FMEA
Failure Modes and Effects Anal
LPA
Layered process audit
HSE
Health safety and environment
APQP
Advanced product quality planning
BTS
Build to stock
B2B
Business to business
OEM
Original equipment manufacturer
CM
Contract manufacturer
EDI
Electronic data interchange
FIFO
First in, first out
ISO
International Standards Organization
JIT
Just in time
MRP
Material requirements planning
NPI
New product introduction
OEE
Overall equipment effectiveness
R&D
Research and development
ROI
Return on investment
SCM
Supply chain management
SWOT
Strengths, weaknesses, opportunities and threats
In the wake of the pandemic, Western European companies have begun moving production from the Far East back to Europe. The impact of nearshoring can already be felt in Hungary, Synermont CEO Krisztián Kavas told us. The contract manufacturing company has seen quick success, with orders flooding in from around the continent, from Austria to Sweden.
"Keep your friends close and your suppliers closer" is a popular business saying that emphasizes the importance of building strong relationships with local suppliers.
