MakeTime's Network Pricing has the potential to bolster the competitiveness of American manufacturing.
LEXINGTON, Ky. (PRWEB) March 16, 2018
Pricing in manufacturing and the search for the true economic cost of a machined part has been a challenge for manufacturers as long standing as the industry itself. According to recent studies, the existing pricing process results in cost discrepancies of up to 10X for an identical product (or part), depending on the company making it. Receiving a price typically takes days or weeks. Kentucky-based startup MakeTime launched their solution today: Network Pricing.
MakeTime’s Network Pricing instantly generates a budgetary price for machined parts, based on pricing data amassed from across the manufacturing landscape.
Having built America’s largest distributed manufacturing network, MakeTime has an unprecedented view into details that make transactions happen. Using over 40 million unique data points with advanced machine learning techniques, MakeTime has formulated algorithms to instantly generate a price range for any machined part.
“We’re giving procurement and purchasing professionals instant pricing insights based on the context of today’s market,” said Drura Parrish, Founder & CEO, “and the implications of this go far beyond procurement efficiency. This technology has the potential to bolster the competitiveness of American manufacturing. As consumers continue to demand higher levels of customization, we continue to develop innovative ways to help U.S. manufacturers satisfy that demand.”
As the founders of the “online machining revolution,” MakeTime’s focus is on making the disruptive technology of today — like machine learning, AI, IoT and cloud computing — accessible to U.S. manufacturers of all sizes and industries.
“This is a great example of how machine learning and AI can transform an industry. With each data point ingested by our algorithms, Network Pricing becomes more accurate,” said John Clemmens, Director of Data Science, adding, “eventually, highly customized parts will have pricing consistency comparable to that of commodities. The continuous stream of manufacturing information enables MakeTime to generate insights in real time that could not have been imagined in years past.”
MakeTime is the easiest way to source CNC machined parts. Powered by data and the nation’s largest network of qualified and connected suppliers, MakeTime radically compresses the manufacturing timeline, creating a reliable path to CNC machining production that is fast, intuitive and cost-competitive.