Tired of unpredictable expenses, rising material prices, and endless hours trying to figure out why your budget never meets desired profits? It’s time to rethink your approach. Cost reduction in the automotive industry is a never-ending challenge. However, the right tools and software can stop the chase for saving costs in manufacturing.
You don’t need multiple tools or expensive software to estimate your budgets accurately. All you need is one right tool that actively helps you reduce hidden inefficiencies and ensures that every penny is working for you.
Cost It Right has everything you need to manage your budget, simplify complex calculations, and gain desired profits.
From Fortune 500 companies to startups, our flagship product has been saving millions of dollars and hours with its impressive features. Want to know how it helps you?
What is Cost It Right?
Cost It Right (CIR) is a robust costing automation and control platform. It is designed to simplify the unit-level cost estimation and solve the following long-standing problems of the manufacturing industries:
- Unorganized & unstructured data causing delays
- No detailed cost breakdown in the automobile manufacturing
- Financial losses due to errors in manual approvals
- Manual RFQ process causing unreasonable supplier costs
- Hours wasted on preparing actionable reports
- Errors in manual price updates in ERP
- Data & knowledge loss due to employee attrition
How Cost It Right Solves These Challenges
1. Optimizes Financial Performance
How much you save depends on how well you know about the expenses, forecast budgets, and make decisions on procurement. Cost It Righ’s cost analysis and management feature helps you know everything that matters. How?
- It helps in accurately assessing labor costs to enhance budgeting accuracy.
- It has advanced budgeting tools to streamline your financial planning and forecast for future needs.
- Through versatile cost management, the tool lets you adjust to different scenarios like price inflations.
- It helps easily manage costs across different currencies and facilitates international operations.
- The tool gives a comparative cost analysis to identify the missing cost-saving opportunities.
2. Reduces Procurement Cost and Enhances Vendor Relationship
Negotiating with the vendors is not always possible, especially if you are unaware of the market prices and saving opportunities in the contracts. You may end up paying more.
Cost It Right ensures you always have the opportunity to turn deals into your benefit. Its vendor management and RFQ portal provide all the information you need to manage vendor relationships and reduce procurement costs. Here is how.
- The advanced portal simplifies the request-for-quotation process, allowing vendors to connect with you easily and faster.
- The vendor quotation management feature helps you organize and track vendor quotes for easy cost comparison.
- Historical RFQ data analysis identifies gaps that bring you cost benefits even from the past data that your internal team might miss.
- And the system-driven negotiation mechanisms automate negotiations based on your predefined criteria.
These features of Cost It Right ensure you get the best deal every time without losing the best vendors. Watch these features in action by requesting a short demo of our product.
3. Predicts the Future
The automotive industry is well known for its cost uncertainty. The price of commonly used commodities like steel, aluminum, and rubber surges massively without warning, disrupting the entire market. But what if you can predict the change and adjust your budget early?
Cost It Right’s advanced predictive “What If” analysis feature gives you a glimpse of the future by stimulating various scenarios and their financial implications. It considers potential changes in key cost drivers like material costs, labor rates, or production volumes.
This means you can always plan ahead before your competitors realize the changes. Buy raw materials early when prices are low to save yourself from the financial loss that comes with sudden price change.
4. Slash Man-Hours
Controlling the cost of raw materials is one of many ways to save money. Other ways include your team’s time estimating the entire budget, doing complex calculations, or communicating with other departments. Cost It Right helps you save time, too.
It automates complex processes such as cost inflation impact analysis, reporting, and analytics. Manually, these tasks take days. With our cost estimation software, they take only a few hours.
Cost It Right saves money and time that otherwise goes into planning and estimation.
Real Stories of Cost Saving Success in Automotive Manufacturing
Case Study 1
One of our clients, a leading large component manufacturer, was not aware of the underlying cost disparities across multiple plants. Each plant was operating based on different estimations, causing huge losses.
Implementing Cost It Right centralized their costing data, giving each plant the access to the same information. This centralized information saved them thousands of dollars and brought efficiency across each plant.
Case Study 2
Our second client had a different challenge. They struggled with tracking the impact of cost inflation over 30,000 components used in bike manufacturing.
Every quarter, the company spent thousands of man-hours tracking and analyzing the inflationary impact on these parts.
Now, they spend only 3 hours doing the same thing with Cost It Right. Automating the inflation impact analysis further improved their accuracy.
Read more success stories of our clients.
The Cost-Cutting Revolution Starts Here
Saving big with traditional cost reduction techniques in the automotive industry is old-school. It is even impossible considering the industry’s dynamic nature and customer demands. Therefore, you need more than the basics to invest every penny and achieve profitability smartly.
With Cost It Right, you do more than control costs-you eliminate the possibility of cost sinking and redefine the entire process. From real-time cost monitoring to predictive analytics, our platform has transformative features to optimize your operations. It benefits your entire team, from marketing and procurement to IT and finance, and makes them work together to drive efficiency and profitability. When things go in sync, you never fail to succeed.
Ready to take control of your manufacturing costs? Request for a demo and start saving today.
