It is no secret that manufacturing is the future of global growth and innovation! Manufacturing is indeed a critical force in both developed and developing economics. No wonder it accounts for a good part of the global GDP. Almost every leading industry has been transformed, holding the finger of advancements for a better world. Likewise, the manufacturing sector is transforming—bringing refinements, opportunities, and of course, challenges…

No business person or the stakeholders can now lean on the old modes of business process, and that’s why automated tools like manufacturing cost estimating software are blooming. This write-up explores the need and benefits of using cost estimating software in the manufacturing sector.

What is Manufacturing Cost Estimating Software?

Also known as manufacturing costing software strive to provide in-depth information and analysis of every aspect of product manufacturing. Whether estimating cost structure or formulating an outlook on the entire anatomy of the product’s cost, estimation software takes over every daunting task in manufacturing. This very software is responsible for the comprehensive estimation of every entity in the production process, which are;

  • Resources
  • Raw materials
  • Types of equipment and components
  • Labour costs
  • Third-party services
  • Machine devaluation
  • Time for production

Replace traditional ways of estimating with QDV

QDV is one of the leading cost estimation software many prominent industries and organisations use for a reason. This software goes beyond human capabilities and proficiency to make estimating and quoting processes faster, more accurate and more consistent than ever. So it’s time to forget those common traditional ways (mentioned below) of estimating projects and products.

Practical knowledge and Experience

In an organisation commonly people generate cost estimates based on their practical knowledge and years of experience. Typically professionals with more than ten years of experience in manufacturing who have often worked at that particular organisation for like decades utilise their first-hand experience for estimation.

The limitation

But in this case the crux of the limitation could be the inconsistency. Since multiple people with different levels of experience in an estimating team work collectively to handle projects, most guesses for the estimations eventually lead to clashes. These apparently aren’t healthy signs for making accurate estimates. And what if one day those experienced estimators quit the organisation, naturally their expertise and proficiency will go with them—leaving the firm with nothing but a serious dilemma.

Historical data, Homegrown databases and Sheets

Companies often rely on home-grown spreadsheets and databases of historical information. Undoubtedly, Microsoft Excel (1985) was introduced to pile up big data and proved excellent in supporting this costing strategy. With this method, data from a previous quotation or project is used and modified to the current quote to make better estimates.

The limitation

But this method can go wrong despite the similarities! It could be fine for small suppliers, but if someone is dealing, designing, manufacturing and sourcing on a national or global scale, it is simply too complex to manage cost variables in a spreadsheet. Nevertheless, from an estimating point of view, this approach is good for cost analysis, but there are still potential risks of speed, accuracy, and consistency.

Well, now you know why there’s a need to replace these traditional estimating ways with automated and accurate tools like QDV!

The need of Manufacturing Cost Estimating Software is real!

Be it planning, job tracking, accounting, designing, programming, assisting or even making sales, this software is used by many leading manufacturing organisations—for a reason! This manufacturing cost estimating software comes in various shapes and sizes (customisable), so a specific industry can operate it according to the need. Below are the most common features of almost all cost estimation software features;

  • Database driven
  • User-Friendly interface
  • CAD and ERP integrations
  • Configurable
  • Better estimating model
  • Quoting capabilities
  • Secure

This modern cost estimation software includes role-based user experience in product and manufacturing processes leveraged by prominent stakeholders like;

  • Engineers and product designers
  • Sourcing and supply chain managers
  • Cost and time estimators

And when it comes to its relevance, it can be used for;

Estimates: estimating cost, time, product and design accurately and consistently, including setup, run-time, material, labour and geographical aspect.

Product cost Management: to generate the lowest possible costs for products

Designs for manufacturing: determining potential risks in designing

Benchmarking: determining the competitive cost and comparing it with competitors

In a few words…

QDV can be an ideal tool to enhance and grow your manufacturing process with accuracy and consistency. In fact, it is not just for manufacturing but also construction cost estimating software; a one-stop solution for all industries! So stop wasting your time, money and resources on inaccurate estimates!