The Role of Machine Data in Quoting
Quoting software is a step in the right direction when it comes to automating the quoting process, but it will only take you so far. So what’s the missing link to unlock true accuracy and speed up your quotes beyond that of any competitor?
Your quoting process, whether it is managed manually, in an ERP< or with a CPQ system, is only as good as the data that goes into it. Machine data can tip the scales to real-time accuracy for any quoting system. It’s especially critical for job shops, contract manufacturers, and those with high-mix and low-volume businesses. Data holds the key to precisely what is happening in the production process, and using it means tying your CPQ system to the source.
Discrete manufacturers often run very small lots and must deal with various OEM production equipment. Fast-changing jobs and one-off orders make it difficult to hold the line on optimized processes in a manual environment. The result is that quoting, and therefore profitability, are at risk.
Machine data gives CPQ systems accurate job and machine performance regardless of the lot size or customizability. Combined with cloud-based AI analytics, similar jobs and machine-to-machine and operator-to-operator performance trends are detectable and actionable.
Using machine data with a CPQ system also helps managers improve operational performance and better manage labor, capacity, material, and machine condition. And because cloud-based machine data platforms use advanced machine learning algorithms, the analysis becomes more accurate as more data is collected.
This is an excerpt from the “IMPROVING THE SPEED AND ACCURACY OF QUOTING IN MANUFACTURING” article written by Bill Bither, the CEO of MachineMetrics. Read the full article here, to find out more about the following topics:
- The Importance of Accurate Manufacturing Quotes
- Quoting Challenges for Manufacturers
- The Benefits of Fast and Accurate Manufacturing Quoting
- CPQ Software
- The Benefits of Machine Data