When companies earn revenue, they must be able to earn profit from the products and services they make. Don’t let high revenue numbers automatically tell you they made a lot of money as the majority of it is them getting reimbursed for the costs they have to spend to manufacture the product. When a product or service makes a lot of profit as the result of the extra money they earned, that’s when they can consider it as a success. One of the ways companies can predict how they can make a profit is through product cost management software, which is a highly technical software that has a lot of benefits for companies. Here are some of the best product cost management software available right now.
12+ Product Cost Management Software
2. Boothroyd Dewhurst
6. PRICE Cost Analytics
7. FACTON ECP Suite
9. ImpactECS Enterprise
13. Arena PLM
What is Product Cost Management Software?
Product cost management software is an enterprise asset software where companies manage the pricing of their products that are intended to generate profit through minimized cost as much as possible. The software is often used by manufacturers as it constantly monitors how much it costs to assemble products at possibly low cost so that companies can earn big profits.
Product cost management software helps companies to determine their budgeting and forecasting better as the software analyzes how much the product is made and how they translate such products into general public practicality. As products get developed over time, the software can recognize how the products can be made at a low cost for higher profits. The software also strengthens relationships with their suppliers as it ensures smooth communication and collaboration between the two. The software also helps streamline the technical set-up of the entire organization with information generated in a product cost management software being transmitted to the rest of the company smoothly.
Some product cost management software has different sets of software specific to that software, although most software should have these fundamental features. The software should be able to forecast how much the company has spent so far through cost estimation. After that, the software should be able to determine how much it would cost to build a product or service through cost budgeting. This process wouldn’t be done without resource planning which the software gives tools to companies to allocate materials and assign their workforce to execute a certain task regarding product manufacturing.
- Estimate costs
- Budget costs
- Resources planning
Top 10 Product Cost Management Software
1. Arena PLM
Arena PLM’ allows companies to innovate themselves with their product lifecycle management software that ensures companies will generate high profits with a reasonable budget. Arena PLM has 195 employees and earns annual revenue of $28.3 million.
APriori’s digital manufacturing simulation software allows companies to predict profit and eliminate costly redundant tasks with tools that ensure smooth collaboration within product development teams. APriori has 220 employees and earns annual revenue of $31.9 million.
Umbrex offers their company clients around-the-clock product cost management consults that can help them get their desired results. Umbrex has around 25 employees and earns a revenue of $8 million.
LeanCOST’s innovative product cost management provides tools for companies to easily estimate their costs and profit with high accuracy with tools that include inventory pricing. LeanCOST is owned and developed by HyperLean, which the parent company has 32 employees and earns annual revenue of $6 million.
5. PRICE Cost Analytics
PRICE Cost Analytics’ cost estimating software helps their company clients predict their profits with its software offering industry specialized solutions. PRICE Cost is owned and developed by Price, which the parent company has 43 employees and earns a revenue of $14 million.
6. FACTON ECP Suite
FACTON ECP Suite helps automobile and electronic industries with their cost management software that provides modern solutions that are highly applicable for the future. FACTION has 69 employees and earns annual revenue of $10 million.
CostPerform’s operations management software provides companies with comprehensive solutions that help companies resolve “tough cost and performative questions” easily. CostPerform has 29 employees and earns revenue of $5 million.
SiliconExpert helps companies make well-informed decisions over their products with their “human-driven” solutions that help them determine financial risk management to get the benefitting rewards for the company. SilcionExpert has 334 employees and earns annual revenue of $48.4 million.
Estcom provides companies with their all-in-one construction budget management software that helps them manage their construction project that can generate profit with ease. Estcom has 10 employees and earns annual revenue of $1.5 million.
10. ImpactECS Enterprise
ImpactECS Enterprise helps companies predict cost and profitability with their enterprise software that helps companies make well-informed decisions for the company. Impact ECS Enterprise is owned and developed are Computer Concepts Corporation.
Is product cost management the same as target costing?
While the definition of product cost management has been debated, it should be noted that product cost management is different from target costing. While target costing determines the price of a product, product cost management focuses more on maximizing profit by developing products through minimum cost.
Is product cost management software a standalone product or part of another software?
Product cost management software is usually a tool for other software concerning enterprising such as project management software, construction estimating software, and supply chain software. There have been attempts to develop product cost management software as standalone software though they have yet to generate considerable revenue to stand as on its own software.
How much does product cost management software cost?
Pricing for product cost management is usually customized as the software depends on the features available, the difficulty of the software, and the intended target audience. Small businesses can benefit from low-cost product cost management software while big businesses can benefit from high-cost software.
Every decision made is a risk for the company. Estimating costs and predicting profits doesn’t need to be difficult for companies as they provide easy-to-use product cost management software that can help them make great financial decisions for the company. By using this software, they are ensured of the benefits they seek, both short-term and long-term.
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