How Important is Efficient Parts Sourcing and Standardization?
In the race to launch high-quality products, manufacturers know that one wrong or unavailable part can lead to costly delays. When parts supply disruptions occur, businesses must respond quickly to either identify alternate suppliers or retool their factories.
Efficient parts sourcing and standardization is critical for manufacturers that want to improve product design efficiency, quality and profitability. Optimized parts sourcing and standardization also increases supply chain resilience, helping manufacturers thrive amidst global disruptions such as political tensions, pandemics and volatile market demand. But to achieve that, manufacturers need to implement the right solutions to gain new insights and make smarter decisions faster.
Smarter Parts Sourcing Drives Savings
The right parts sourcing and standardization solutions provide manufacturers with a comprehensive view of options, helping them determine whether to reuse, buy or create parts. Manufacturers can also swiftly identify existing parts and remove duplicates for accelerated product design and speed to market.
To further increase manufacturers’ competitive advantage, the solutions should incorporate artificial intelligence for advanced data analytics that improves parts sourcing and lowers costs in three ways:
- Reduces part catalogs and duplicates. Automatically remove duplicate parts by paring down catalogs to enable fast and precise search results.
- Deploys company-wide standards. Ensure designers make the right decisions and know when to use standard parts or create new ones in product assembly.
- Decreases cost and time-to-market. Perform ‘should cost’ analyses and achieve cost-balancing through parts optimization to accelerate new product introduction.
By investing in parts sourcing and standardization intelligence, manufacturers stand to reap a host of benefits. Apart from controlling costs, they can also boost productivity and shorten design cycles.
Artificial Intelligence Improves Product Design
The answer to efficient product parts management lies in NETVIBES Sourcing & Standardization Intelligence solutions. Available on the 3DEXPERIENCE® platform, these solutions allow manufacturers to automate parts classification and increase collaboration between procurement and engineering for more informed decision-making.
One of the game-changing solutions is PartSupply on the 3DEXPERIENCE Marketplace. It enables manufacturers to add to in-house parts by accessing a comprehensive 3D catalog of qualified components from over 1,000 service providers. Once downloaded, 3D parts can be virtually tested to ensure compliance before placing an order.
Providing swift AI-driven data insights, NETVIBES Sourcing & Standardization Intelligence solutions on the 3DEXPERIENCE platform help manufacturers make smarter parts sourcing decisions. As a result, they can increase efficiency while reducing risks, lowering costs and ultimately driving successful product design results.