Why we need to understand and predict Reliability of a product ?? Why to put extra cost and extra efforts in understanding it?? Once the product is manufactured and used, We can come to know about its reliability. Then Why to make it more complex? Why this, Why that?? Well… My friend, Here comes the answer. Though there are many advantages of Reliability as a very crucial product aspect, We are listing few of them. They are :-
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The reputation of a company highly depends on their product’s reliability. The more reliable a product is, the more reputed the company will be.
Let’s take a simple example to understand it better:
Let’s assume, You got a free offer to choose between two cell phones kept in front of you. The owner says you to keep any one, and you don’t have to pay anything. The offered Cell phones are top end models and their make is “Apple” and “Samsung”. Which one you will pick up?? Off course You will select Apple (unless you are an insane one). Now, May I ask why you selected Apple only. Its only because Apple has got more reputation than Samsung.
Satisfaction of your customer
One of the biggest advantages of Reliability is your customer’s satisfaction. You must have to understand it that a very reliable product may or may not affect the satisfaction of your customer to a great extent. Though, if the product is unreliable, it will have a severe negative impact on your customer’s satisfaction. He will never come back for your manufactured products even if the cost factor will be low.
Expenditure in providing Warranty
You must be aware that companies give warranty on their product and cover repair/replacement of few of the components of your product. They are not a fool. Isn’t it? That’s also a profitable business for them as they know which component has more failure rate and which has less, thanks to their product’s Reliability evaluation. Not understood?? If their products fail to do the intended function in between the warranty tenure, then the repair/replacement cost will reduce the profit margin. Additionally, it will impact the reputation of company too.
Need not to explain, If the customer is not satisfied with the reliability of product, He will never purchase another products of the manufacturer. However, If the manufacturer takes their product’s reliability seriously and improve them, then it will have a constructive impression of consumer’s mind.
Cost-effectiveness of a product
From manufacturer’s perspective, If you combine the product’s cost and maintenance (repair & replacement) cost, you can calculate the cost-effectiveness of the product. With the help of such life cycle costs, you can advertise your product to the customer justifying how your product’s initial cost may seem costlier, though the overall life cycle cost of your product is still less as it need minimal maintenance.
Increase in Reliability awareness and customer’s demand for it
This is an intellectual world. Now, the customers are aware of the advantages of Reliability evaluation at an early stage and they demand for the same from the manufacturer.