Optimizing tool management processes at Hankamp Gears

Hankamp Gears is a production company specialized in the production of gears with very high tolerances. They produce gears in all shapes and sizes, requiring the use of several different tools. The company faces problems regarding the high tool expenses relative to the turnover. Over the past four years, this percentage has remained around 7.63%. The objective of this research is to optimize the purchasing processes for tools, with the objective of minimizing tool expenses.