ECONOMIC PERFORMANCE & PRODUCTIVITY ECONOMIC Our organisation’s growth is underpinned by diversity, inclusiveness, and productivity enhancements. The Group aims to drive superior economic performance while generating meaningful employment and benefits for the local communities it operates in. Inclusive growth and productive value creation for our stakeholders are key to our long-term viability. Continuous Improvement (CI) increases the productivity and profitability of our business and is at the heart of our engineering heritage. Over the years, our CI initiatives have helped us to improve our processes, enabling us to work smarter and more efficiently. OUR APPROACH We Instil a Strong CI Culture Throughout the Group Throughout the years, cultivating a culture of CI has allowed us to enhance our processes, empowering us to work more intelligently and efficiently. Our CI efforts have brought about a myriad of benefits such as optimising resources, reducing emissions, improving productivity and quality, lowering operational costs and enhancing employee engagement, health, safety and wellbeing. We recognise the importance of having a strong CI culture throughout the Group. We continuously upskill our employees through CI training and create awareness through seminars and workshops. This approach encourages employees to actively seek opportunities to optimise our processes and resources, improve productivity and enhance our economic performance. Boosting Maintenance Efficiency with our FR16-20 Initiative for A320 Aircraft To address fuselage repair challenges, our Commercial Aerospace business area launched the FR16-20 Double Joggle Repair Improvement initiative for A320 aircraft. Leveraging advanced manufacturing for design-optimised training tool kits, the programme equips mechanics with essential skills, and streamlines the repair process and cutting maintenance costs. This has led to a substantial reduction in findings for inefficient processing amongst our clients and boosted operational efficiency. Additionally, wait time for post-repair non-destructive testing shortened significantly, leading to projected annual savings of more than $535,000. This initiative has garnered high customer satisfaction and set a new standard for maintenance efficiency, paving the way for a more costeffective future in the aerospace segment. 14 ST ENGINEERING | SUSTAINABILITY REPORT 2024
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