by Dean Tseng, Fastener World
Speaking of the history of Taiwan construction and industrial fasteners industry, Masterpiece Hardware Industrial Co., Ltd., specialized in self-tapping screws, self-drilling screws, concrete screws, drywall screws, and wood screws, etc., definitely plays a very important role. This 100% export-oriented supplier is recognized worldwide by its high-quality products, service and reasonable prices. Every year the company reports around 20% sales growth and has consolidated its own presence in the global market where cost effectiveness is always put into priority. We could feel the passion and ambition of general manager Rick Wang in an interview, he seems to be ready to eliminate everyone’s stereotype of the fastener industry and lead Masterpiece to expand its future product and business territory!
A New Face for the Traditional Fastener Industry.
Wang Proposes 3 Strategies to Keep Pace with World Trends
“People used to consider the fastener industry to be “a traditional business” and when it comes to “traditional business”, untidy, disordered workplaces and tough tasks are what people will usually come to minds. Such a long-lasting stereotype unquestionably has resulted in the current issue of insufficient labor force faced by several Taiwanese fastener companies. If such a scenario can be changed, I believe that our new generation can absolutely become a powerful force to facilitate the industrial upgrade & transformation of Taiwan fastener industry,” said Wang. So, how will Wang lead the company to achieve these goals? The following are his strategies.
Strategy one- Factory expansion. The factoryof Masterpiece is located directly next to its modern office building, which offers a quite comfortable workplace where all employees can truly focus on their own work. The company is also building an all-new manufacturing site, which will operate with automated facilities, integrated software and tidy bright space. With such new facilities and upgraded manufacturing procedures, the company expects that its existing capacity could be doubled. What’s most important, Masterpiece can obtain its new strengths to attract more people who are willing to join this industry.
Strategy two- Big Data analysis and digitalization of processes & orders. Masterpiece fully integrates all production parameters and has them available online for customers to keep track of their orders or inventory at any time. Wang noted that his team is able to analyze production parameters and continue to optimize production lines. “Leave the time-consuming and arduous work to automated machines and make employees do more productive and innovative work. We’re very concerned about the interests and skills of our employees, so, put them on the right positions and do the right things!” said Wang.
Strategy three- R&D. The R&D division has developed many new products and acquired patents and is dedicated to develop high value-added products. However, Wang, who started his business in construction and industrial fasteners, has another plan on his mind, i.d., extending business reach to the automotive market. Why? He said, “This is one of the most critical parts in seeking high added value of products.”
Wang said that all strategies are based on two incentives. One is to create environment friendly products of more excellent performance via product optimization, process reduction and lean manufacturing, while the other is to ensure the connection of our R&D with the market demand and product innovation to make each of our masterpieces highly competitive in the market. “What I’ve done is all for reducing our manufacturing cost, offering more competitive prices, sharing more benefits with employees, customers and creating a win-win, through a complete change in the current production structure and system,” said Wang.
Be a Business Owner That Sees Both Challenges and Opportunities
Speaking of price cutting competition, we should be aware that this is definitely not the path for the fastener industry. Wang particularly pointed out, “Customers nowadays are requesting both high quality and competitive prices, so some fastener companies would choose to make a compromise and cut their prices, which may be a crisis! Instead, we should focus more on increasing the added value of our products, reducing pollution and offering customers high quality products at competitive prices to correspond with major market demand.” He calls upon business owners to reconsider positioning of their products and would like to be a pioneer to boost the progress in Taiwan fastener industry again.
The Second Generation Who Values Employee Trainings and Division of Labor
It has been more than a decade since Wang takes the helm of the company. The predecessor of Wang invested a lot in increasing the capacity and profit margin and established a cornerstone for the business of Masterpiece nowadays. However, as the exchange of business info has been fast and transparent, business owners cannot but turn to integrate the knowledge and power of all members to become competitive. Wang values employee trainings and division of labor very much and makes senior engineers help train newcomers. He said, “Employees are essential to a business and training employees is also enhancing our competitiveness. With good competitiveness, we can achieve continuous innovation and progress year after year.”
At the end of the interview, Wang also expects that Masterpiece can continue to break rules in the fastener market and offer customers new advantages. He concluded, “We are efficiently supporting customers to meet their needs and working as a long-term partnership. We also expect to make progress together in all aspect in the future.”
JCY’s contact: General manager Rick Wang