"Price update of bill of materials" refers to the process of regularly updating the costs and prices of components or materials in bill of materials used for manufacturing products. As prices of raw materials and components can change regularly, it is important to keep the bill of materials prices up to date to ensure accurate cost calculations and pricing quotations for products.
Typical functions of software in the "price update of bill of materials" area could include:
Automatic price update: The software enables automatic updating of prices in bill of materials based on changes in prices of raw materials, components, or other cost factors.
Historical price tracking: It provides the ability to store and track historical price data to analyze price changes over time and identify trends.
Manual price adjustments: Users can manually change prices in bill of materials and make adjustments, for example, when special price agreements are made with suppliers.
Automatic notifications: The software can send notifications when prices of certain materials or components change, informing users about upcoming updates.
Integration with procurement and supplier systems: It can be integrated with procurement and supplier systems to automatically capture price changes from suppliers and incorporate them into bill of materials.
Cost calculation and estimation: The software allows for calculating total costs for products based on updated bill of materials prices and assists in estimating sales prices and quotations.