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BOM Management Software - BOM IQ

View prioritized BOM insights in real-time to drive savings, assess risk and eliminate countless hours in spreadsheets. Make fewer, faster product design iterations with risk insights on every BOM, with instant access for product design and sourcing teams.

Get a guided demo of BOM IQ using your data

TRUSTED BY HIGHLY PRODUCTIVE SUPPLY MANAGEMENT TEAMS

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BOM Health Rating & Real-Time Dashboards

Help your product and sourcing teams improve communication, collaboration & prioritization with a real-time BOM Health Rating, which is calculated based on part lifecycle, lead time, single source and compliance risks.

See summarized risk, spend, cost, and savings opportunities as well as benchmarking information and overall cost of the BOM over time to help uncover negotiation opportunities and prioritize your team’s work.

See Part-Level Risk Across the Entire BOM in BOM management tools

View detailed part-level risk & recommended mitigation actions, including:

  • Obsolescence, EOL & Lifecycle information
  • PCN Alerts
  • Lead time
  • Available distributor inventory
  • Single Source Risk
  • RoHS compliance

Quickly Identify Cost Savings with Comprehensive BOM Software

Track your product’s cost and get your cost, spend, and savings opportunities within moments of uploading your Bill of Materials.

Roll up new product BOM costs based on contract price, distributor pricing (public & VIP), as well as approved alternates/prescribed parts equivalents.

Evaluate your best savings opportunities by using benchmarking data from our bill of materials software to compare your current BOM cost to best-in-class costs.

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Want to See It With Your BOM?

Schedule some time to meet with us & review your needs. Whether you’ve got 1,000 or 100,000+ parts on your shortage list, we can help.

We’ll get you set up with a free trial of our BOM software platform using your own parts list so you can see how quickly & easily your entire team can start reaping the benefits of automated part availability insights.

BOM Management Software FAQ

A Bill of Materials (BOM) is a list of all the parts that are required to manufacture a product. A BOM contains all the raw materials, components, and assembly instructions needed to create a product. The information includes details such as the quantity of each part, the part number, as well as instructions for procurement and usage of each material.  

So when a company is designing a new product, engineers will typically create a bill of materials that includes all of the necessary parts. Once the BOM is complete, it will be sent to the sourcing department so that they can send out a “Request for Quote (RFQ)” to suppliers and pick the right suppliers to source the parts or assembly from. Once a BOM is released into production, purchasing orders the parts to make the assembly, and manufacturing teams assemble the product. Finally, Quality Control will use the BOM to audit and check that all of the correct parts have been used and that the product meets all of the requirements.

A Bill of Materials Software, also known as BOM software, is used to track the raw materials, parts, and assembly instructions needed to create a product. The BOM software typically resides in a centralized platform that is accessed by authorized users. This allows real-time collaboration and ensures that all team members are working with the most up-to-date information. 

BOM software can be used throughout the production process, from initial design through final assembly. In many cases, it is integrated with other software applications such as enterprise resource planning (ERP). This enables a seamless flow of information between different departments.

The existing Bill of material management software solutions in the market falls into 2 categories:

    1. Product Lifecycle Management (PLM) tools

PLM tools do a good job of capturing the process once a design is finalized and engineering teams want to track and document changes with approval workflows. 

But, they lack:

  • Flexibility is necessary for engineering teams to capture BOM changes and iterations before a design is finalized
  • Ability to enable collaboration between internal teams (Engineering, Sourcing, etc.) and external partners (eg: suppliers).
  • PLM tools are inward-looking and lack the market intelligence data (cost information, risk information) crucial to making the right design choices.
  • PLM tools typically require a high level of expertise to set up and use effectively. This can make them inaccessible for small businesses or businesses with limited IT resources.

 

    2. Traditional BOM Management tools

        Traditional BOM management tools have some aspects of BOM management, such as: 

  • Creating a Bill of Material 
  • Managing version history 
  • Collaborating with team members 

But they lack:

  • Collaboration with trade partners to send out Request for Quote and ingest Costed Bill of Materials (CBOMs)
  • Market intelligence on cost, lead times, availability, etc for raw material
  • Integration with other internal systems (ERP, MRP, etc.) to pull in commercial information

That is the reason New Product Development teams resort to using excel spreadsheets and email in addition to PLM tools or Traditional BOM management tools.

Manufacturing companies should look for a platform that:

  1. Sits on top and connects seamlessly with their existing toolset (PLM, ERP, MRP, etc.)
  2. Enables seamless collaboration internally (Engineering, Sourcing, Manufacturing, etc.)
  3. Provides seamless collaboration with trade partners
  4. Has configurability to ingest unstructured data (eg: CBOM) from disparate sources
  5. Combines internal data with market intelligence on cost, lead times, availability, etc. 

 

To empower Product teams to make the right choices and accelerate time to market.

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