Do you know that the iconic Model T by Ford Motor Company revolutionized the transportation and manufacturing industry? Initially, it was priced at USD 950 in 1908 which came down to USD 290 in the year 1927, making it available to the masses.
The moving assembly line system, which started on October 7, 1913, allowed Ford to sell the cars at a price lower than its competitors. As they continued to fine-tune the system, Ford was able to keep reducing costs significantly.
It was the concepts of moving assembly line and standardization that paved the way for the future of industrialization, which led to more reliable and competitive products. These concepts are proven since more than a century now, are we practicing it?