Traditionally, new product teams have relied on a detailed, bottom-up “should-cost” analysis to generate an estimate for the specification, construction, composition, and manufacturing requirements for a new product design. These teams would then use this estimate as a target for negotiations with potential suppliers and contract manufacturers. While this is a valuable strategy, the savviest negotiators augment such estimates with a top-down, outside-in analysis and fresh insights about the market factors. This allows them to change the game altogether.
LevaData’s New Product Accelerator (NPA) platform was designed with a simple goal in mind: help organizations identify and act on sourcing savings opportunities and risks to streamline and accelerate new product introduction. One effective way to do that is through LevaData’s WillCost™.
What is LevaData’s WillCost™?
WillCost™ is a powerful capability found within the New Product Accelerator platform. It collects and analyzes real-time data to determine what the market is actually paying for the same investments as your organization. The AI platform utilizes community-based analytics and third-party data to provide an in-depth evaluation into which opportunities are available–and worth pursuing. It also unveils what kinds of prices the community has managed to lock in for the future.
The Value of WillCost™
With the current market as volatile and competitive as it is, it’s getting more difficult for organizations to identify and act on savings opportunities from their direct material spend. New Product Accelerator alleviates this pain point by constantly searching for savings and risk mitigation opportunities through AI and predictive tools.
This machine-learning technology provides organizations with two key value points. First, it mitigates countless workforce hours lost searching for valuable data to inform spending decisions by providing all the crucial insights in one cohesive, easy-to-navigate platform. Second, by leveraging actual market data to garner accurate cost indications, your organization will have the confidence–and evidence–to renegotiate your spending with suppliers and unlock better prices successfully.
Capitalize on Accelerated NPI Now
For far too long, organizations have struggled to optimize the balance between cost savings and risk mitigation. In reality, though, achieving this balance is far less complex than you might have believed. With LevaData’s New Product Accelerator platform and WillCost™ capability, you’ll quickly and efficiently move toward complete spend transformations with the confidence you’ll achieve accurate, honest, and fair results.
Find out more about how LevaData’s AI-powered, community-driven technology can help you uncover and act on saving opportunities to accelerate your NPI processes by scheduling a demo now.