Costimator v10.0 Cost Estimating System Nominated for Innovation Solution Award
MTI Systems Press Release
West Springfield, MA (For Immediate Release) – Costimator®, an advanced estimating system for manufacturers developed by MTI Systems, Inc., of West Springfield, Massachusetts, has been nominated for an Innovation Solution Award in the competition sponsored by Information Management magazine. First introduced in 1982, Costimator has been implemented by over 1,200 manufacturers ranging from metalworking and fabrication shops to leading OEMs in aerospace, defense, automotive, medical, information technology and others. In announcing the nomination, company founder and CEO, Tom Charkiewicz, stated, "Since its introduction, we have continually updated data and added new features to Costimator so that it is much more than an estimating tool. Our customers use its capabilities in areas including product design and development, tool and machine selection, and industrial engineering. The estimating capability has enabled our customers to quickly produce accurate estimates that give them the security that the jobs they accept and the products they develop will be profitable. We're extremely gratified to be under consideration for this award, and I extend my thanks to our customers and employees who made it possible."
In order to qualify for the award, a company must be nominated and provide a provable case history demonstrating how the solution was implemented and the results achieved. MTI Systems was nominated by Aero Gear Inc. of Windsor, Connecticut, a manufacturer of flight critical aircraft components. Mike French, lead estimator at Aero Gear, explains, "Before we introduced Costimator, some of our estimators were using a system that did not allow modifications to the data and, so, was perpetually out-of-date. Others were using a spreadsheet that was prone to human error and consumed a lot of time. Estimators tended to rely on their experience, the estimates were both inconsistent and time-consuming to produce, and our ability to increase sales was impacted because we were constantly reviewing and recalculating estimates to maintain reasonable accuracy. Once we implemented Costimator, we were able to produce many more estimates and we knew that they were accurate. The result was an increase in sales and an improvement in customer service."
A recent addition to the Costimator software package that provided even more positive results for Aero Gear was the feature called "Cost Modeler." Designed to improve the ease-of-use, speed, accuracy and consistency of the estimating process, Cost Modeler enables users to estimate based on part features rather than the manufacturing processes required. The manufacturing process steps required for each feature are pre-set within each cost model so the end user doesn't need to have manufacturing experience to develop an estimate.
Mike French states, "Thanks to Cost Modeler, we have been able to create an estimating database that is unique to our company and that we can evolve as we need to. We can also generate models for special operations. We can instantaneously access reports and a quote page to enable us to quickly make changes, compute comparative scenarios and compare costs, and respond to or suggest future changes that our customers might want. And, we can do it faster than ever before. In fact, it has increased our ability to produce finished quotes in hours instead of days, resulting in more review time, better quote results, labor savings, faster response and greater sales. I would say that, conservatively, we've moved from 2.5 quotes per week per estimator to 7.25 quotes. "Other advantages include a shortened learning curve for new estimators, company-wide confidence in the system, improved customer retention and satisfaction and, maybe most important, the elimination of fudge factors, guesswork and unprofitable jobs. I don't know of any other estimating software system that can do what Costimator has done for us."
Tom Charkiewicz comments, "The global economy has put intense pressure on manufacturers and suppliers in every field. Because our people have first-hand manufacturing experience, we have been able to create a system that is uniquely adaptable to their specific needs and that is capable of evolving with continual changes in methods, materials, machinery and tooling. Having seen firsthand the positive results that Costimator has achieved for so many customers, I can only say that companies using spreadsheet systems are out-of-date in the key area of cost management. It is our sincere hope that the recognition we receive in being nominated for this award will enable us to be of service to those suppliers and OEMs who are seeking better ways of moving into the future."
MTI systems, Inc., provides Computer-Aided Cost Estimating (CACE) and cost management software to leading OEMs and their suppliers worldwide. MTI System's Costimator software, introduced in 1982, has been continually updated and augmented. The latest version, V10.0, was released in January of 2010.
For further information, contact MTI Systems, Inc., 1111 Elm Street, Suite 6, West Springfield, MA, 01089, at 413-733-1972, fax 413-739-7250, [email protected] or visit www.mtisystems.com.
Press release issued by MTI Systems, Inc. on August 20, 2010