Easykost being part in the evolution of product cost management tools

By on October 13th, 2020

Over the last twenty years, a lot has happened in the world of procurement software. To improve purchasing abilities, experts have created a lot of new tools for Spend Analytics & Product Management Tools. Each comes with different abilities.

There are many dimensions on which we could differentiate various spend analytics/PCM tools.

The categories are:

  1. Manual platforms for custom costing/accounting.
  2. Manual process-model driven analysis.
  3. 3-D CAD-driven automated feature-based analysis.
  4. Stochastic, statistical or index-based spend analytics.

Easykost is based on stochastic methods; uses the “random forest” algorithm to analyze commercial and technical attributes from historical data from sources like ERP, PLM and other sources to determine what portion of cost is driven by each input provided in the data set, using top-down analytics and can theoretically use a “big data” approach. It focus on identifying outliers in spend and mass analysis of spend.

EasyKost makes it possible to determine the cost of new products or services in a matter of seconds by exploiting the richness of your data without any expert knowledge of industrial technologies and processes.

Easykost Key Functionalities:

  • Estimates the cost of a new product/service in less than 5 sec. and an high level of accuracy.
  • Analyze your cost consistencies across your product categories.
  • Provide real time & anonymous benchmarks on specific categories.
  • Very easy to use, and having a very ergonomic user interface, EasyKost costing software can be easily deployed within Costing, Purchasing or R&D teams.
  • EasyKost product cost management software can be used for costing industrial products, investments (installations, buildings, etc.) or services.

On the evolution of product cost management tools and the state of the art, Eric Hiller, Managing Partner of Hiller Associates, a business performance consultancy specializing in product cost management (PCM) written articles on this topic in Spend Matters, explaining the evolution of different product cost management software and its impact on the world of procurement.

To read those articles, click the below links:

Spend Matters Topic: The evolution of product cost management tools and the state of the art: Click Here

Spend Matters Topic: The evolution of product cost management tools and the state of the art (Part 2): The 2nd revolution: Click Here