MFG.com announced the availability of ShopIQ, a competitive analysis software application that helps suppliers and manufacturers benchmark their bids against quotes from competitors. The tool, which is available to all paid subscribers of MFG.com, eliminates labor-intensive manual data reviews and delivers real-time analyses across dimensions such as manufacturing process, geographical region, material and shop certification. ShopIQ enables suppliers and manufacturers to identify their ideal customer acquisition strategy, better gauge quotes on which to bid and optimal pricing, and safely test and refine new business strategies.

ShopIQ utilizes MFG.com’s database of historical Request for Quote (RFQ) data, allowing shops to retroactively compare their quotes against all competitors as well as the successful bidder.

The tool generates a variety of reports including:

  • Your Quotes versus Your Competitors
  • Your Quotes versus Awarded Price
  • Your Price by Region
  • Your Price Compared to Supplier Distribution by Region
  • Your Shop's Average Price Compared to Supplier Certification
  • Your Shop's Average Quote Price Compared to Supplier Company Size
  • Your Shop's RFQ Statistics


Shops can glean the following information – and more – from these reports:

  • Whether they are under- or overbidding
  • How their pricing stacks up against all competitors in a specific region
  • The regions in which they are most competitive
  • How their pricing compares to quotes from competitors with the same or similar certifications
  • How their pricing compares to quotes from competitors based on company size


Such detailed feedback allows manufacturers and suppliers to zero in on those jobs they are more likely to be awarded and offer bids more reflective of the marketplace. Moreover, shops considering entering new business areas can project their likelihood of success while limiting risk.

Bo Hagler, chief executive officer, MFG.com, said, “ShopIQ is a revolutionary analytics tool that gives small to medium-size manufacturers the same analytical capabilities as ‘the big guys’ without the investment  in staff, hardware, software and other resources. ShopIQ enables shops to take their business to the next level by understanding precisely where they are most competitive today in terms of regions, processes, materials, job types and industry verticals and where to focus their quoting efforts tomorrow. This new, free, value-added service is part of our larger effort to optimize MFG.com for maximum subscriber success.”

For more information about ShopIQ, current subscribers and interested new businesses should contact Michael Vining, national account manager, MFG.com at This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Published in MFG.COM

Fabricating Partners, Inc. today launched Fabricating.com, the industry’s new online Request for Quote (RFQ) Marketplace designed to help U.S. Buyers build U.S. Supplier networks and manufacture made-to-order parts. Their SourceNow platform presents easy-to-use functionality designed to streamline and manage the complexities of sourcing custom-manufactured products, parts, and assemblies.  From multi-line RFQs to crucial Supplier profiles, Fabricating.com delivers a productive, paperless system developed to address a critical market need for U.S. Buyers seeking U.S. Suppliers. The web-based service supports more than 250 manufacturing processes including machining, sheet metal fabricating, and thermoforming. Fabricating.com requires no IT setup, software installations, or maintenance. Buyers only need Internet access and a standard browser to “source” from any location.
 
Fabricating.com also launched their “Sparks Fly” marketing campaign to introduce the service and encourage reshoring of manufacturing jobs. The rising price of fossil fuel, climbing overseas labor costs, the declining dollar, and compelling “total cost to own” factors are compelling American enterprises to reconsider their manufacturing strategies and logistics. These current market trends were key drivers for Fabricating.com, which is well positioned to help companies create new supplier networks, reshore manufacturing jobs, support Buy American provision requirements, aid State MEPs with “Made in YourState” initiatives, and verify the “country-of-origin” labeling concept for products sold in America.
 
“We are confident Fabricating.com will set the new standard for Sourcing in the United States,” states Frank Russo, Fabricating.com CEO. “In order to revitalize the nation's manufacturing base, we have to encourage the cooperation and coordination of U.S. Buyers and U.S. Suppliers engaged in the Request for Quote process. Our ultra-intelligent SourceNow platform facilitates this interaction and delivers huge benefits to both U.S. Buyers and U.S. Suppliers. Fabricating.com delivers the tools needed by Engineers and Purchasing professionals to carve out next-gen Supplier networks that stimulate the economy and energize our nation of makers.”

Helping Buyers Build U.S. Supplier Networks
 
Fabricating.com’s SourceNow platform is engineered for maximum throughput of RFQ (Request for Quote) requirements. The system analyzes part details from a Buyer’s RFQ and locates U.S.-based contract manufacturers with the expertise and machine assets needed for the job. Suppliers use the same streamlined, paperless system to quote for business. The sourcing platform adheres to the newest Web standards and provides support for CAD files, Excel spreadsheets, and other popular engineering file formats. The solution can also be integrated with Buyside enterprise applications, and provides a central point for all sourcing intelligence with a host of management tools and analytics for any size purchasing department.
 
Helping U.S. Suppliers Fill their Business Pipeline
 
The Fabricating.com marketplace provides RFQ opportunities for U.S. Suppliers who want to build a customer pipeline or expand their current client base. The sourcing system analyzes each RFQ posted online by Buyers, then flags the Supplier when an opportunity precisely matches their expertise, capacity, and machine assets. Based on detailed engineering drawings and documentation provided, Suppliers use the same paperless system to quote for the job. A strategic business development tool, Fabricating.com can also be utilized to manage quotes, standardize procedures, and diminish the headache of missing engineering drawings and documents.  

For more information, visit: www.Fabricating.com

Published in Fabricating Partners

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