MTI Systems, Inc.: Is Manufacturing Cost Estimating Software a Worthwhile Investment?

WEST SPRINGFIELD, Mass., Aug. 10, 2021 /PRNewswire/ -- The majority of manufacturers estimate by experience, long hand calculations or similar jobs. The problem with these estimating methods is they can be extremely time consuming, inaccurate and inconsistent. The end result are quotes that are late in getting back the customer, quoted prices that are either too high or too low and customers that can quickly lose confidence in your shop's ability to provide fast, accurate, consistent quotes.

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What Are the Benefits of Cost Estimating Software?
Estimating software can provide many benefits to manufacturers, including:

• Provides a standardized, formula-driven method of estimating labor and machine cycle times. Utilizing standardized formulas to estimate labor/cycle times takes the subjectivity out of the process, leading to a much more consistent estimate.
• Allows users to modify the out-of-the-box cost models (cycle time formulas) to more closely model the speed of the equipment a shop owns, resulting in a much more accurate cycle time estimate.  
• Enables users to utilize 3D CAD models, which greatly reduces the amount of manual data entry required to produce an estimate, dramatically speeding up the estimating process.  
• Automatically generates useful management reports and customer quote form.
• Can be linked with other systems, including ERP/MRP software.

What Is Your Current Estimating Method "Costing" Your Company?
If a company's main estimating issue is the time it takes to generate a quote, then increasing estimating speed would allow them to reduce labor costs and/or increase their quoting throughput.

Increasing quoting accuracy and consistency can dramatically increase a company's RFQ win percentage, resulting in higher revenues and profits. Generating accurate quotes also reduces the number of "loser" jobs, which can be a significant cost avoidance benefit for most shops.

For shops that struggle with quoting, the ROI of estimating software is normally achieved within the first few months of use. In most cases, all it takes is few extra RFQ "wins" resulting from the software's use to pay for itself.

About MTI Systems, Inc.
Established in 1982, MTI Systems is a leading provider of cost estimating software for the manufacturing industry. The company is headquartered at 1111 Elm Street, Suite 6, West Springfield, MA 01089. Additional information regarding MTI Systems is available at www.mtisystems.com.  

SOURCE MTI Systems, Inc.

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