40% Increase in operational efficiency
25% Increase in employee productivity
Engineered products with longer product cycle times and multiple levels of subassemblies in their bills of material are complex to estimate.
There are many different approaches to engineered product development including:
This makes estimating the overall cost of a product extremely complex and error prone.
The traditional approach to estimating part cost begins with the engineer or buyer creating estimation worksheets manually or using personally developed Microsoft Excel spreadsheet based on their experience. This requires them to enter lot many data points related to raw material, part and/or tool, processes and other misc. direct cost. They manually gather, enter and manage multiple layers of data stored from a variety of platforms like ERP, old MS Excel, CAD, emails, and sometime even in hard copy format and registers. The process is very time-consuming, involves duplication of efforts in entering data-points and lacks reproducibility.
Manual worksheets or spreadsheets may be an option for the short term but in the long run this approach proves to be costly as just an error can make entire costing go wrong. Manual process and people-dependency do not constitute structured data that plays a pivotal role in predicting trends of the cost drivers and doing analysis. Speed and accuracy in estimating the cost of the Product, Part, Material, BOM is critical if manufacturing, engineering and OEM companies aspire to remain competitive and profitable.
Raw Material Price Inflation Impact Analysis
Suppliers’ Share of Business (SOB) Analysis
Cost Drivers Management & Analysis
Integrated Workflow for Approvals
Cost Reduction Opportunity Analysis
Dashboard and Reporting
Vendor Portal for RFQ, Negotiation and Ordering
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:
Explore how Cost IT Right can reduce Cost Estimation Risks. Schedule a demo to see the benefits