COMPETITIVENESS AND PROFITABILITY COME
WITH ACCURATE ESTIMATION
Results Achieved by Cost IT Right Customers
Increase employee productivity by 25%
Improve ease and simplicity of business decisions with data-driven approach
Significant improvement in vendor management and governance
Improve overall business productivity by 40%
Estimating Costs Can Be Complex
There are many different approaches to product development including:
- Using in-house resources entirely
- Leveraging a vendor for development combined with in-house assembly
- Procuring a part directly from a vendor
- All of the above
This can make estimating the overall cost of a product extremely complex and the potential for costing errors very large.
Manual Processes Create Potential for Errors
The typical approach to estimating part cost begins with the engineer or buyer creating estimation sheets manually based on their experience. They enter and manage multiple layers of data stored in a variety of platforms like ERP, MS Excel, emails, and sometime even in hard copy format and registers.
Accuracy is Critical to Remaining Competitive
This may be a quick and easy option for the short term, but in the long run this approach is error prone, cumbersome, time consuming, non-reliable and risky option. Manual process and human intervention will always be challenging when it comes to complex calculation. Estimating the accurate cost of a Part/Material/BOM is critical if manufacturing, engineering and OEM companies aspire to remain competitive and profitable.
Cost IT Right Brings Intelligence and Automation to Part/Material Costing
Cost IT Right is a costing intelligence application designed to meet the operational needs of material costing and strategic sourcing, bringing meaningful change in the complete ecosystem through automation.
Cost IT Right helps you achieve real-time cost data analysis for real-time decision making. The functional aspects of the application integrate and automate six major operations including:
Price Inflation Control
Cost Driver Management & Analysis
Costing (Integrated with approval hierarchy)
Cost Reduction Projects
EXPLORE COST IT RIGHT
Customers Leveraging Cost IT Right
Cost IT Right helps automate the cost estimation process for Manufacturing, Engineering and OEM companies. The solution contains centralised data for multiple industry-validated cost drivers, which makes it easy to access and estimate the part’s end cost quickly and accurately. These drivers are further customized to meet any tailored requirement.
Enhance system capabilities with
- Costing intelligence
- Real-time purchase price analysis
- Product cost control
- Cost driver simulation
- Quick workflow approval
- Cost trend analysis
- Supplier RFQ portal
- Material costing and strategic sourcing
Minimise identified risks of manual processes from
- BOM level cost sheet development
- Unorganized historical data
- Inconsistency in document
- MS Excel dependency
- Complex comparison of price quotation
- System incapability of generate bulk purchase order
- Inaccurate of reports and insights
- Arbitrary supplier negotiation
See How You Can Reduce Your Company’s Cost Estimating Risks Today.
Explore how Cost IT Right can save you hundreds of man hours’ estimating part’s end cost in the future. Schedule a demo and we will show you the benefits of Cost IT Right utilizing one of your parts.