Software Analyzes, Compares RFQ History, Customer Acquisition Strategies
Online manufacturing marketplace MFG.com has launched ShopIQ, a competitive analysis software application designed to help suppliers and manufacturers benchmark bids against quotes from competitors.
Online manufacturing marketplace MFG.com has launched ShopIQ, a competitive analysis software application designed to help suppliers and manufacturers benchmark 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 analysis across dimensions such as manufacturing process, geographical region, material and shop certification. According to the company, ShopIQ enables small to medium-size suppliers and manufacturers to identify their ideal customer acquisition strategy, better gage quotes on which to bid and optimal pricing, and safely test and refine new business strategies.
ShopIQ utilizes the site’s database of historical Request for Quote (RFQ) data, enabling shops to retroactively compare their quotes against all competitors as well as the successful bidder. The tool generates a variety of reports including: the user’s quotes versus the user’s competitors; the user’s quotes versus awarded price; the user’s price by region; the user’s price compared to supplier distribution by region; the shop's average price compared to supplier certification; the shop's average quote price compared to supplier company size; the shop's RFQ statistics. In turn, shops can glean information from these reports such as: 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; and how their pricing compares to quotes from competitors based on company size.
Such detailed feedback allows manufacturers and suppliers to focus on those jobs they are more likely to be awarded and offer bids more representative of the marketplace. Moreover, shops considering entering new business areas can project their likelihood of success while limiting risk.
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