MakeTime Releases Manufacturing Pricing Tool
The Network Pricing tool uses data from the company’s distributed manufacturing network along with machine learning algorithms to generate budgetary prices for machined parts.
MakeTime (Lexington, Kentucky) has launched Network Pricing as part of its platform, a solution for the often lengthy and inconsistent manufacturing pricing process. The tool generates a budgetary price for machined parts based on pricing data amassed from across the manufacturing landscape.
The company’s distributed manufacturing network gives it a view into details that make transactions happen. Using more than 40 million unique data points with advanced machine learning techniques, it has formulated algorithms to generate a price range for any machined part.
“We’re giving procurement and purchasing professionals instant pricing insights based on the context of today’s market, and the implications of this go far beyond procurement efficiency,” says founder and CEO Drura Parrish. “This technology has the potential to bolster the competitiveness of American manufacturing. As consumers continue to demand higher levels of customization, we continue to develop innovative ways to help U.S. manufacturers satisfy that demand.”
“This is a great example of how machine learning and AI can transform an industry. With each data point ingested by our algorithms, Network Pricing becomes more accurate,” says Director of Data Science John Clemmens. “Eventually, highly-customized parts will have pricing consistency comparable to that of commodities. The continuous stream of manufacturing information enables MakeTime to bring insights in real time that could not have been imagined in years past.”