ShopIQ enables shops to take their business to the next level by understanding precisely where they are most competitive today.
Marietta, Ga. (PRWEB) September 12, 2016
MFG.com, the world’s largest online manufacturing marketplace, announced today the availability of ShopIQ, a new 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 mvining(at)mfg(dot)com or 678.981.4116.
MFG.com enables sourcing professionals and engineers to quickly and easily locate quality manufacturers for CNC machining, injection molding, metal stamping, metal fabrication and many other processes through an easy-to-use, online marketplace. MFG.com has helped thousands of manufacturers—ranging from small machine shops to large conglomerates—increase sales and grow profits. For more information, please visit our website at http://www.mfg.com.