Caterpillar Using Akoya Cost Management Analytics to Reduce Direct Materials Spend.PEORIA Peoria (pēôr`ēə). 1 City (1990 pop. 50,618), Maricopa co., central Ariz., a suburb of Phoenix; settled 1897, inc. 1954. , Ill. -- Akoya, Inc., a product lifecycle Product lifecycle or product life cycle is the course of a product's sales and profits over time. The five stages of each product lifecycle are product development, introduction, growth, maturity and decline. analytics solution provider, announced today that Caterpillar caterpillar (kăt`əpĭl'ər, kăt`ər–), common name for the larva of a moth or butterfly. Caterpillars have distinct heads and are segmented and wormlike. has implemented Akoya Cost Management Analytics(TM) to help reduce its direct materials spend. Under the terms of the agreement, the software is being initially used to identify cost savings opportunities within Caterpillar's cast parts. "Our goal is to help manufacturers increase their product margins by better understanding what drives the cost of their parts and determining how they can design, source and manufacture them more efficiently," said Ted Greene Theodore ("Ted") Greene (September 26, 1946 – July 23, 2005) was an American fingerstyle jazz guitarist, music columnist, and music educator active in Encino, California. , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Akoya. "Our software provides critical inference (logic) inference - The logical process by which new facts are derived from known facts by the application of inference rules. See also symbolic inference, type inference. into cost drivers and allows analysis across large amounts of individual parts in a fraction of the time currently required." Cast components represent one of Caterpillar's largest part categories. The Akoya Cost Management Analytics software analyzes both the feature characteristics of the cast parts from their CAD CAD: see computer-aided design. (Computer-Aided Design) Using computers to design products. CAD systems are high-speed workstations or desktop computers with CAD software. data and the historical purchasing data on the parts to determine the key drivers that affect the cost of the parts and identify potential cost-savings opportunities. Caterpillar developed the original technology behind the Akoya Cost Management Analytics software, and the company then spun out Akoya Inc. to develop and market this software technology. Caterpillar retains an investment in Akoya. "Akoya's software allows us to identify cost savings hidden in the design of the product faster and more efficiently," said John Kreuser, business resource manager for Caterpillar's Global Purchasing Division. Caterpillar will use the software to analyze cast parts across all its divisions. Caterpillar plans to initiate the software on other part categories based on the successful implementation within cast parts. About Akoya, Inc. Akoya is the leader in product lifecycle analytics. Akoya allows companies to increase product margins through better design, sourcing, and manufacturing. The Akoya platform provides cost intelligence across the product lifecycle, leading to better transfer of knowledge, faster product launches, and more efficient supply chains. For more information, visit www.akoyainc.com or call (847) 441-4253. |
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