A Financially Stable Partner Ensures Quality and Profitability
In choosing a supplier for serial automotive parts, you need assurance that they will be around for the duration of the contract, and beyond. This is an important aspect of quality management. For companies that are not publicly listed, you can still make specific inquiries about their key figures to test potential partners for their financial stability, past, present, and future.
By comparing past performance with current projections, you should be able to determine where the company is heading. Are they performing worse, year over year, with their situation becoming critical from loss of business? Or are they growing and moving forward at a good pace? Knowing the answers to these questions will help you select a supplier that will be around for the long haul – as long as the parts are needed – and won’t cut corners with quality to make up for losses.
A certified quality management system
One way to ensure the financial stability of a potential supplier is to examine their quality management system. An automotive manufacturing company that has invested the time and resources to earn and maintain the International Automotive Task Force (IATF) 16949-2016 certification has demonstrated the expertise and attention to quality required to conduct a profitable business in the long term.
The IATF certification process is designed to help automotive suppliers and their customers identify potential problems in a company’s supply chain and processes in order to take corrective action to proactively eliminate problems.
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The IATF 16949 certification is awarded through third-party testing and lasts for three years, though it must be updated every year by outside auditors – giving you even more assurance that the company is on a sure footing. This gives buyers the confidence they need that the parts they receive will be manufactured with the highest quality, resulting in minimal risk to their supply chain.
Choosing a supplier with a longstanding record of IATF 16949 quality certification and a stable financial outlook can help increase your part quality while reducing costs. Performing due diligence before selecting a supplier for your automotive serial parts will prevent possible financial disasters that could result from recalls or a lack of qualified parts vital to your business.
About Bons & Evers Group
As the leading experts in the hot forging and machining of non-ferrous alloys, the specialists at Bons & Evers have more than 75 years’ experience in high-quality manufacturing processes and are able to adapt to rapidly changing environments. Bons & Evers Group is certified to the IATF 16949-2016 standard for producing non-ferrous forgings (click here to view certificate).
With facilities in Germany, France, The Netherlands, Hungary, and China, we are a one-stop-shop for brass, aluminum, and copper forgings for the automotive industry. Contact one of our experienced process designers to discuss your automotive part production requirements.