LevaData Introduces Cognitive Sourcing for New Product Introduction Teams

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According to a new press release, “LevaData, the company that delivers applied AI to transform strategic sourcing and procurement, today announced the launch of LevaData NPI (New Product Introduction), a solution extension of the LevaData Cognitive Sourcing Platform. Designed and built for enterprise manufacturing companies, LevaData NPI offers industry-first supply chain insights and actionable guidance to product planning, launch and introduction teams. LevaData NPI applies artificial intelligence (AI) to direct procurement data and integrates analyst findings and benchmarks, as well as enterprise buyer and seller activity on the LevaData procurement network, in order to identify opportunities for NPI teams to achieve target cost goals and greater agility while decreasing manufacturing risk and increasing profit margins.”

The release goes on, “An estimated 60-80% of product cost is ‘locked in’ during the design stage, and, given strict supplier onboarding and production deadlines, NPI teams at enterprise manufacturing companies frequently lack the time and insights needed to optimize parts, suppliers and target costs for a given Bill of Materials (BOM). This is because design BOMs are often completed late in the product launch process due to the time and effort required to collaborate across departments and typically suffer from missing information and inaccurate data. This results in a lack of visibility into a product’s true lifecycle cost.”

Read more at Business Wire.

Image used under license from Shutterstock.com

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