Lytica Inc., Ottawa, the creator of Freebenchmarking.com, an independent electronic component price benchmarking services, reached an agreement with IHS Inc., a leading global source of critical information and insight to the electronics marketplace.
The global value added reseller (VAR) agreement allows IHS to market and offer a bill of materials (BOM) benchmarking product powered by Lytica’s proprietary Freebenchmarking.com service. IHS will market the benchmarking tool under the name IHS BOM Benchmark.
“The IHS BOM Benchmark product will help customers objectively benchmark their electronic component costs against a ‘same basket of goods’ and enable ongoing and methodical cost reduction,” says Mark Tayles, Lytica’s president & CEO.
IHS vice-president of research and operations Ian Weightman explained the collaboration: “IHS BOM Benchmark is a synergistic fit for current IHS customers that are looking to combine our BOM Manager and CAPS Universe component solutions with a tool that will give unprecedented insight on product competitiveness and enable ongoing cost reduction cycles.”
“Across the globe, our account management teams are relied on to provide tools and services that are vital to their client’s success,” Weightman adds. “IHS BOM Benchmark, powered by Lytica’s IP, represents an added dimension of mission-critical data.”
Ken Bradley, Lytica’s founder and current chairman and CTO, explained the evolution of electronic component price benchmarking: “For operationally excellent companies, benchmarking various aspects of the enterprise has always been their mantra. When we launched Lytica’s component cost benchmarking service in 2012, it was a natural progression for these same excellent companies to want to measure how their electronic spend stacked up against other real world companies. Since then, our customer base has grown to include some of the largest and most progressive companies in the world. With this agreement, IHS will market BOM Benchmark through its worldwide network of information professionals.”
BOM Benchmark is designed to be used by supply chain practitioners as all information is presented in the client’s own commodity taxonomy by customer part number. Depending on the cleanliness of a client’s data, reports can be turned around in less than one week.