Paperless Parts, the leading sales and quoting platform for custom part manufacturers, today announced the launch of Advanced Analytics, an upgraded feature in its Paperless Quoting platform. Paperless Parts understands that digital transformation and Industry 4.0 require using data and automation to drive efficiencies in manufacturing. In order to use data to optimize the front office, prioritize quotes, and price work effectively, manufacturers need the ability to analyze the data they are collecting at every level. The Advanced Analytics feature is a modern business intelligence tool that enables manufacturers to leverage multiple layers of data to make impactful decisions. Manufacturers can now understand when and why they are winning or losing jobs.
There is a great deal of effort that goes into putting together a quote. Rather than blindly quoting every job, estimators and sales teams need to be able to prioritize quotes that will increase their win rates. This is especially important as buyers automate the way they are sourcing, which dramatically increases the number of RFQs issued. Many manufacturing systems track surface-layer data, such as win rate by a specific customer. Contract manufacturers need a solution that goes deeper.
Paperless Parts’ Advanced Analytics feature provides that level of granularity. Manufacturers can now query their own data and pull information like win rates by part geometry, manufacturing process, or material. While shops may already be collecting this data, many have not had a simple way to analyze it. With Advanced Analytics, manufacturers can now make sense of the information they have and act on it. The solution allows manufacturing companies to not only see how their business is performing at that moment but also how it’s performing over time to continually improve operations.
“At Paperless Parts, we value intentionality. As a business owner, there is no better way to be intentional than to use data to make informed business decisions,” said Jason Ray, Co-founder and CEO of Paperless Parts. “Data is the foundation of every digital transformation, that is why we have invested in making this functionality available to the manufacturing industry where it can have the largest impact on revenue and profitability.”
With Paperless Parts’ Advanced Analytics feature, manufacturers can build customized reports to evaluate past business performance and determine critical future decisions like:
- Which quotes to prioritize responding to first
- How quickly they need to respond to RFQs to win the job
- Which customers are just shopping around for pricing based on past trends
- Win rates based on complexity of parts being quoted
- When to buy a new piece of equipment to support winning new jobs
“We are using analytics to drive behaviors within our operation. For example, analyzing our win rates provides insight into the competitiveness of our pricing model and whether or not we are meeting buyer expectations with quote turnaround time,” said William Wilson, President of PereDel Precision Machining. “We also use the data to determine the processes our customers are submitting RFQs for the most. This information allows us to offer additional services and capacity through equipment purchasing and vertical integration to increase our value proposition.”
Paperless Parts is the most powerful estimating solution for enterprise manufacturing organizations. The Advanced Analytics feature allows manufacturers to embrace digitization and data to optimize front office operations and overall business health. This is another example of the company’s continued drive to bring modern software to the manufacturing industry. Paperless Parts enables all manufacturers to begin their digital transformation and thrive.
“Paperless Parts Advanced Analytics has provided me access to data I have never seen before like win rate and quote turnaround trends over time. I am very excited to see how we can leverage this data to continuously improve our business operations,” said Grady Cope, President of Reata Engineering and Machine Works.
For more information, request a demo to see how Paperless Parts gives manufacturers an extra layer of intelligence to make smart business decisions.
About Paperless Parts
Paperless Parts is on a mission to help job shops, contract manufacturers and finishing companies improve business and grow by providing them with the most advanced, secure, cloud-based sales and quoting system available. The software streamlines manufacturers’ existing workflows by combining modern business process automation tools with a configurable geometric pricing engine that drives speed and consistency in the quoting process. The platform integrates with CRM and ERP systems to supercharge front office operations and sales teams, and enables more efficient responses to RFQs for a variety of manufacturing processes. Manufacturers across the U.S. have uploaded over 1 million job files using the platform and are processing over $1 million worth of orders a day. Privately funded by manufacturing industry experts, Paperless Parts was founded in 2017 and is headquartered in Boston. Additional information available at paperlessparts.com.