Frequently Asked
Questions

Cost It Right (CIR) is a robust costing automation and control platform for manufacturing companies seeking to simplify their unit-level cost estimation. It pulls data from multiple sources (like your bill of process, vendor norms, and raw materials) to deliver accurate, real-time unitary cost calculations. With seamless integration into existing ERP and PLM systems, CIR facilitates end-to-end cost management, enabling vendor benchmarking and FG-wise impact analysis due to rate changes.

Cost It Right helps manufacturers in the following ways, leveraging its features to deliver significant business benefits across procurement, marketing, IT, and finance functions:

1. Enhanced Procurement Efficiency

• Organized Supplier Data: Centralizes vendor onboarding, master updates, and raw material (RM) indexation. This ensures up-to-date, structured supplier data for better decision-making.

• Supplier Share of Business (SOB) & Negotiations: Facilitates supplier comparisons and vendor-based costing (VBC), enabling better negotiation and improved margins.

• Data Analytics & Reports: Offers actionable insights, such as identifying cost drivers, monitoring supplier performance, and tracking product-specific price changes.

• Simulation & Inflation Control: Provides real-time impact analysis and cost simulations for better financial forecasting and price stability.

2. Sourcing Optimization

• Advanced Vendor RFQ Portal: Facilitates smooth RFQ (Request for Quotation) processes for Bill of Materials (BOM), tooling, and other requirements.

• Reverse Auctions & Cost Analysis: Supports competitive pricing and evaluates net present value (NPV) for cost-effective decision-making.

• Historical RFQ Data Analysis: Offers insights into past data for informed sourcing strategies.

3. Optimized Marketing Operations

• Organized Client-Based Costing: CIR’s Client-Based Costing (CBC) module ensures accurate, retrievable, and comparable cost data.

• Added Value Proposition: Reduces turnaround time, enables Zero-Based Costing (ZBC), and delivers precise cost estimations to enhance client relationships and transparency.

• Improved Profitability Analysis: Allows businesses to assess product and customer profitability, negotiate better prices, and establish healthier business pipelines.

4. Supplier Exploration & Management

• Supplier Repository & Onboarding: Enables manufacturers to maintain a comprehensive database of suppliers and simplifies onboarding processes.

• Vendor Need Form & NSA Audits: Helps identify and validate suppliers based on specific needs and quality audits.

• Vendor Master Updates: Ensures supplier records are accurate and up-to-date, reducing manual errors.

5. Streamlined IT and Finance Integration

• ERP Integration: Seamlessly integrates with existing enterprise resource planning (ERP) systems, ensuring centralized and organized historical data.

• Data Readiness for AI/ML: Prepares data for advanced technologies like AI/ML to enable future automation and smarter decision-making.

• Proprietary Data Security: On-premise solutions ensure that sensitive data remains secure within the company’s server infrastructure.

6. Productivity and Efficiency Gains

• Reduces manual errors through system-driven processes, saving man-hours and increasing operational efficiency by up to 30%.

• Boosts employee productivity by up to 25%, enabling teams to focus on high-value tasks instead of repetitive data management.

7. Future-Ready Infrastructure

• Digitizes core business processes, ensuring that manufacturers can adapt to evolving market and technological demands.

• Enables better insights for capital expenditure (capex) planning and long-term strategic decisions.

In summary, Cost It Right empowers manufacturers by centralizing, digitizing, and automating critical processes, reducing costs, improving margins, and enabling smarter, data-driven decision-making.

Cost It Right empowers businesses across a wide range of industries, including automotive, aerospace, construction, engineering, retail, and beyond. Whether you’re in discrete or process manufacturing, our software is designed to revolutionize how you estimate costs, quote efficiently, and gain a competitive edge. If your business thrives on precise unit-level cost estimation and streamlined quoting processes, Cost It Right is your trusted partner for success

Cost It Right comes equipped with features designed to redefine cost optimization, seamlessly combining foundational tools with advanced capabilities to simplify and enhance your costing processes.

• Total Cost Tracking

Monitor and analyze the total cost of ownership for better long-term strategies.

• Integration with ERP

Seamlessly connect with ERP systems and external portals for unified workflows.

• Client RFQ (NFR)

Seamlessly manage client-specific RFQs with detailed costing to ensure accurate quotations and efficient processing.

• External RM Indexation

Integrate with sources like LME to benchmark raw material costs and automate amendments based on market fluctuations.

• Reverse Auctions

Achieve better pricing through real-time vendor bidding with automated tracking.

• Amendments

Handle cost changes with cascading impacts and simulations for transparent budgeting.

• Reports

Gain insights with customizable reports on spend analysis, cost variance, and external index tracking.

• Vendor Onboarding

Streamline vendor evaluations and onboarding with features like self-assessments, audits, and repository management.

• Vendor RFQ Portal

Manage RFQs efficiently with centralized communication and historical data tracking for smarter vendor decisions.

• Approval Workflows

Streamline approvals with customizable workflows for faster, compliant decision-making.

• Costing Management

Analyze and control manufacturing costs with advanced tools for accurate forecasting.

• Master Management

Centralize and standardize data for improved accuracy and consistency.

Cost It Right (CIR) ensures data security by implementing robust measures:

1. Authentication & Authorization: CIR integrates with identity providers like Azure AD using secure protocols (OAuth 2.0, SAML) to authenticate users.
2. Role-Based Access Control (RBAC): Configurable roles and permissions restrict data access based on organizational needs, while Segregation of Duties (SoD) ensures critical operations are divided to reduce risks.
3. Privileged Access Management (PAM): CIR supports external PAM tools for secure control over privileged accounts.
4. Backup & Retention: Backup policies are client-defined, supporting daily incremental backups and flexible retention periods for data recovery.

Yes! Cost It Right integrates seamlessly with popular ERPs, PLMs, existing portals, indexes, and data visualization tools for real-time data synchronization and analysis. 

Cost management software is a tool designed to help businesses plan, track, and control their costs effectively. It enables organizations to estimate, manage, and monitor expenses across various projects or operations. By providing detailed insights into cost structures, it helps businesses optimize budgeting, improve decision-making, and ensure financial efficiency. This type of software typically includes features like cost analysis, budgeting tools, vendor management, and multi-currency handling, allowing businesses to streamline their financial processes and maintain profitability.

Cost It Right supports multiple users, allowing you to have a flexible number of internal and external users based on your needs. Please contact us for specific licensing options that suit your organization.

Every business is different, and so are their needs. Therefore, our pricing plans are fully flexible and customized. Contact us to get a custom quote for your requirements.  

While we don’t offer a traditional free trial, we provide a customized Proof of Concept (POC) to demonstrate the value of Cost It Right. As part of this, we create your cost card within our application, allowing you to see firsthand how our platform addresses your unique challenges and enhances efficiency.

For those looking to explore the platform more extensively, we also offer a 7-day paid trial. This gives you full access to our features, enabling you to experience the benefits and functionality of Cost It Right in a live environment

Absolutely! We provide comprehensive training and dedicated support to ensure you and your team can fully leverage the capabilities of Cost It Right. From initial onboarding to ongoing assistance, our team is here to empower you with the knowledge and resources needed to maximize the value of the platform, no matter your industry.

Getting started with Cost It Right is straightforward. Simply contact us via phone or email, or fill out the “Request a Demo” form on our website. Once we receive your inquiry, our team will promptly reach out to you via email or phone to discuss your needs and guide you through the next steps

Cost management software is essential for project planning because it helps ensure that projects stay within budget and are completed efficiently. It provides accurate cost estimates by analyzing historical data and current project requirements, allowing project managers to allocate resources effectively. The software helps track expenses throughout the project, identifies potential cost overruns early, and enables timely adjustments to stay on course. Additionally, it improves decision-making by offering detailed insights into cost structures, optimizing budgeting, and facilitating better vendor management. With tools like comparative cost analysis and real-time updates, cost management software, such as Cost It Right, ensures projects are financially viable and delivered on time.

Cost management software offers more advanced features and automation compared to traditional spreadsheets. While spreadsheets provide a basic platform for tracking costs, cost management software like Cost It Right is designed to handle complex data, automate calculations, and provide real-time insights. It allows for more accurate and efficient cost tracking, budgeting, and forecasting with tools like multi-currency management, vendor management, and cost analysis. Unlike spreadsheets, which can be prone to errors and require manual updates, cost management software streamlines the entire process, reduces human error, and ensures more reliable, scalable solutions for businesses.

Procurement software simplifies and enhances purchasing processes by automating critical steps such as supplier evaluation, cost analysis, and price finalization. It ensures accurate and efficient decision-making, reduces manual effort, and fosters stronger supplier relationships. While downstream processes like PO creation typically occur in ERP systems, procurement software provides the foundation for seamless integration and a more streamlined workflow.

Definitely! Product costing software is a valuable tool for businesses of all sizes, including small and medium-sized enterprises. It helps streamline cost management, ensure accurate product pricing, and optimize profit margins, making it an essential asset for growth and efficiency across industries.

Cost management software helps reduce project risks by providing accurate and real-time cost estimates, allowing project managers to identify potential budget overruns or financial issues early on. With features like detailed cost analysis, budgeting tools, and comparative cost analysis, the software ensures better financial planning and resource allocation. It helps track expenses throughout the project, making it easier to adjust plans and stay within budget. Additionally, automation and data-driven insights reduce human errors and improve decision-making, ultimately minimizing risks associated with cost mismanagement, delays, and unexpected expenses.