Reactive & Proactive Approaches to a Stronger Supply Chain
Lytica is the world’s only provider of electronic component spend analytics and risk intelligence using real customer data. The SupplyLens™ Pro platform was built with one primary goal: arm our customers with the data and analysis they need to build better and stronger supply chains.
We like to think that Lytica can serve as both aspirin, to reactively ease your pain now, and vitamins, to help you proactively take preventative measures now to ensure that your supply chain is healthier, stronger, and more resilient in the near future and beyond. How do we do that?
Easing Supply Chain Pains Today
Understanding what you should be paying for your electronic components is greatly important. Many companies rely on price lists from suppliers, historical pricing, and existing relationships. But this data is static and can put manufacturers at a great disadvantage. Because Lytica’s SupplyLens™ Pro platform contains the world’s largest dataset of actual component prices paid by real customers, customers benefit from true market insights to drive cost reduction and mitigate supply chain risk. Without benchmarking, you are at the mercy of the market.
Our Spend Benchmarking plugin analyzes your electronic component spend data to determine comprehensive spend and risk analysis and provide you with negotiating advice at your part number level. This arms your entire team with immediate leverage to mitigate risk, negotiate better prices and optimize your relationships with suppliers.
For parts you may be considering, the Price Estimator plugin is based on Lytica’s real customer data containing millions of prices paid for components. We do not use any distribution column pricing, manufacturer suggested pricing, or internet pricing in our data or statistical models. All you have to do is enter a Manufacturing Part Number (MPN) to unlock current market pricing, alternatives, and component risk intelligence.
Setting You Up for Success Tomorrow
After you’ve taken those painkillers to solve today’s pain, it’s time to prepare for the future. Lytica’s SupplyLens™ Pro platform sets you up to make more strategic decisions and avoid falling back into a ‘pain’ scenario. With the help of Lytica’s analysis and insights, your sourcing and procurement teams can be more informed, more confident, and more empowered.
One first step to a stronger supply chain future is actually to take a look back at your historical data. The Trends plugin provides historical analysis by quarter and tracks supplier and manufacturer over time to aid in negotiations. This creates significant negotiation leverage with manufacturers and suppliers while greatly reducing negotiation preparation time and uncovering new areas of potential risk and savings opportunities.
When planning for new products, it is vital to use realistic and actionable pricing data. The Should-Cost plugin takes this functionality to the next level by adding enhanced BoM analysis, identifying pricing outliers and recommending targets, and much more. Now, you can build this insight into product planning stages and take a more realistic look at product cost requirements.
If you’re familiar with Statistical Process Control (SPC) methods in manufacturing to reduce process variation and improve overall process performance, you can now use Lytica’s Statistical Process Control plugin to apply the same techniques to the procurement process for production material using price normalization. The SPC plugin allows you to identify root causes of under-performing processes, save money on direct materials and indirect costs, improve supplier relationships, strengthen procurement teams and help facilitate the adoption of best practices.
Are You Ready to Take Both Reactive & Proactive Approaches to a Stronger Supply Chain?
If you’d like to learn how you can help your company or your client take both reactive and proactive approaches to building a stronger supply chain in 2022 and beyond, schedule a demo of the SupplyLens™ Pro platform with the Lytica team today.