Around 80% of a product’s budget is decided at the engineering BOM stage – i.e. in early development. Nowadays it is common for mechanical and electrical engineering companies to use CAD drafting tools and 2D to 3D modeling applications to get new system designs into production faster. However, BOM management is equally important.
Your MDM (master data management) plan should include adequate resources for filing and retrieval of all engineering BOMs. This can be done easily with specialist BOM management software. Depending on the system installed, you can make and record BOM changes, create assembly reports, and BOM scrubs archived data.
You can also use BOM software as a component cross-reference tool to check which components have been used in previous projects. This can cut costs enormously, avoiding the need to build parts from scratch.
A mere 8% of the budget for a new product is spent during the design phase. However, that design has already determined 80% of all future spending, 60% of it at the creative concept phase. An ill-thought creative concept idea can be perilous to profits once you get to the manufacturing stage – not through the design itself, which may be brilliant, but through the costs incurred during the product lifecycle. However cutting-edge a new bag-less vacuum cleaner or hybrid auto is, it’s no use if you have to price it out of reach of the consumer market in order to break even.
Understanding the importance of things like regular BOM scrubbing is essential to modern engineering. We at Enventure Technologies are experts in the fields of mechanical design and high-tech component engineering, with BOM management services tailored to your exact requirements.