Gaining market share in the cutthroat global marketplace is, after product innovation and quality, the most crucial factor for manufacturing enterprises. For developing competitive bids, in-depth product cost and profitability knowledge is essential.
Where money is made and wasted is during the quotation costing process. You run the danger of losing money if you estimate your product’s cost in an unreasonably low manner to gain a sale. An overestimation of expenses carries the same risk and might lead to lost orders. Because of this, it’s important to create quotation pricing fast, accurately, and based on facts rather than opinions.