I’m sure most everyone has heard the phrase “time is money.” The quote is generally attributed to Benjamin Franklin.

The exact wording of the quote, which appeared in Franklin’s 1748 essay “Advice to a Young Tradesman” was “Remember that time is money.” There is some evidence that something similar was coined prior in a 1719 issue of a periodical called The Free Thinker.

Critical business processes are affected by the ‘rule of thumb’ that time is money. Such processes often result in bottlenecks which have a detrimental effect on efficiency and capacity limits.

Unfortunately, the products derived from these processes are usually the ones that matter most to customers; therefore, the products need to be delivered as quickly as possible which can cause disruption.

Fortunately, there are several ways to reduce cycle times. Streamlining multiple efforts, however, can yield a much more efficient process resulting in cost and time savings while maintaining customer satisfaction.

In my fifty years of working in industry, my time was spilt between manufacturing and service/administrative processes. Even before being certified in Six Sigma and Lean, I spent much of my time focusing on process improvement. Along the way, I learned some key principles which do not include statistical gymnastics to improve process cycle time. However, when reducing process cycle time, it would be wise to consider a combination of approaches.

Eliminate or reduce interruptions to the critical processes. Any issue that causes long delays and increases the cycle time for a critical business process is an interruption. For example, the production of an important order can be stopped by one from a far less important customer request – one that must be rushed because it has been delayed for some reason.

Similarly, a key person working within a critical business process can be interrupted by a phone call that could have been handled by someone else. The main principle is that management needs to ensure that everything is being done to provide for uninterrupted operation of the critical business processes and assign others to handle less important interruptions.

As much as possible, perform activities in parallel. It won’t come as a surprise but many of the steps in a business process are often designed to be performed in sequence as if they were stand-alone processes. A serial approach results in the cycle time for the entire process being the sum of the individual steps, not to mention transport and waiting time between steps. When using a parallel approach, however, cycle time can be reduced significantly (by as much as 75-80%) and produce a much better result in terms of process and product quality.

Consider product development where the trend is toward concurrent engineering. In the early ‘80s I was appointed to my company’s first concurrent engineering project for the development of a new medium duty diesel engine. Instead of forming a concept, making engineering drawings, creating a bill of materials, and mapping processes, all activities took place in parallel by integrated teams.

With the new parallel approach, the development time was reduced dramatically, and the needs of all those involved were addressed during the development process. This approach was an overwhelming success which was later duplicated and refined for further development initiatives.

In a similar vein, change the sequence of supporting activities. Documents and products are often transported back and forth between machines, departments, facilities, etc. For instance, a document might be transferred between two departments several times for review and approval. (Currently, this can be done easily by using automated systems.)

If the sequence of some of these activities can be altered, it may be possible to perform much of the document’s processing when it comes to a department the first time.

Place emphasis on timing. Many processes are performed with relatively large time intervals between each activity. For example, a purchasing order may only be issued every other day. Individuals using such reports should be aware of deadlines to avoid missing them, as improved timing in these processes can save many days of cycle time. Again, automating similar issues can greatly reduce cycle time.

Continually monitor and analyze process performance. Consistently tracking cycle times of business processes and other relevant metrices such as Overall Equipment Effectiveness (OEE), downtime, wait time, etc., and using Key Performance Indicators (KPIs) is critical for identifying improvement opportunities. Without KPIs, it’s not possible to see where the key business processes are at, and whether they are making progress.

Regular analysis of performance data helps in pinpointing bottlenecks and inefficiencies, enabling targeted improvements. By monitoring and analyzing performance constantly and consistently, managers can make informed decisions that reduce cycle times and enhance overall productivity.

We don’t need sophisticated methods to improve processes. Try the sensible strategies to collectively improve efficiency, reduce delays, and enhance overall productivity, which will position manufacturers to meet market demands more effectively. As Benjamin Franklin stressed “time is money” so focus on ways to reduce time to positively affect the bottom line.