March 7, 2017
In our January blog we discussed how Keylocking Inserts are often referred to by their trademarked brand name Keensert®. The Keensert® is not alone! Did you know that many brand name OEM fastening products and components can be crossed to a generic alternative equivalent product?
Before you shop, check to see if the bill of materials specifically calls out a particular brand name. If no specific manufacturer’s name is listed, then you can typically use a functional alternative or equivalent. Using equivalents and alternatives to OEM brand names can be a smart way to reduce long lead times and/or cut expenses.
Check out this Case Study where an OEM brand was substituted with a functional equivalent, reducing costs by 37% and shaving lead time. This time and money savings gave the manufacturer an advantage over their competition, which helped them win the job.
MF Supply gets a print of the part from SPIROL® and is able to cross it to an exact functional equivalent for an alternative brand we distribute and our factory has in stock. Samples of the alternative fasteners are delivered directly to the customer within 24 hours for inspection and testing.
-MF Supply functional equivalent fasteners shorten delivery time from 4-5 weeks to 2-3 days.
-SPIROL® Price = .11938 each. Total cost $1790.
-MF equivalent price = .075 each. Total cost $1125.
SUMMARY / BENEFIT
-Cost savings of $665 or 37%.
-Display Manufacturer wins bid and is awarded job.
-Work is completed on time.
-Job is more profitable due to cost savings realized on fasteners.
-Job has been a repeater and a money maker for Display manufacturer.
In summary, if your bill of materials calls for an OEM brand fastener or component, find out if you must have the brand name product. In cases where a generic or equivalent alternative part will work, there might be an opportunity to save money and shorten delivery time.
For more information about MF Supply contact:
Robin Lieberman, President