Werk24 Supports Price Calculations for Manufacturing Parts

Technical drawings are the backbone of any project in manufacturing. They provide a detailed blueprint of what needs to be created, and for many, they're the starting point for price calculations. At first glance, it is simple to look at a drawing of a part, examine it, and derive a price. However, as industry insiders know, it's far from simple. Are you curious as to why they have such views? Here's where we get some insight:    

The Challenge of The Price Calculation  

In manufacturing, several methods exist to determine the appropriate price for a product. Among the known methods, the bottom-up approach is like building a house brick by brick; you start by calculating the cost of each tiny component and then sum them all up to get the final price. The second, the top-down approach, is the opposite; you start with determining the final price you want to sell when you know the ceiling on what consumers are willing to pay. Both methods come with challenges, from understanding every tiny cost detail in the bottom-up approach to assessing market expectations in the top-down approach. There are also some dynamic approaches to the price calculation processes, such as using price engines. When we evaluate all the methods, one of the biggest challenges is automating the manual parts and making the overall process faster. There are some ways to automate the price calculation processes efficiently, from technical drawing data extraction of the manufacturing part to the price calculation.   

We would like to introduce and compare two distinct automated methods, highlighting which is faster, cheaper, and more reliable. But first, refer to the schema to delve into the details and aid your visualization. The pink and the blue colors represent the 2 different methods:   

As you can see, there are two distinct methods, from having 2D technical drawings of manufacturing parts to the price calculation of these parts. Let's examine these two methods in detail with pros and cons:

2D Drawing Data Extraction to Price Calculation    

In this approach, you possess 2D technical drawings of your manufacturing components. The primary step in your price calculation involves using Werk24's AI solution to automatically identify specific elements and extract the necessary features from these drawings. This method is swift, making it ideal for businesses seeking quick price calculations for parts.  

From 2D Drawing to 3D Model Approximation  

You might prefer this method if you already employ a proprietary feature extraction system for 3D part models. Here, you start with the 2D part drawings. Then, Werk24's Additive Analysis solution automatically helps you get 3D approximations from these 2D drawings. Subsequently, you can extract data from these 3D approximations using your proprietary system. Ultimately, this data likely will be used in your price calculations.  

When comparing these methods, deriving price calculations from 3D Model Approximation may be advantageous due to the use of your pre-existing system. However, this method is more time-consuming, less reliable, and costlier than directly extracting features from 2D drawings for your price calculations.   

How Does Werk24 Support You?  

Werk24 is at the forefront of the digital revolution in technical drawing data extraction automation. Automatically extracting data from technical drawings by Werk24's AI is like having a super-powered magnifying glass that instantly identifies and calculates costs. There are two distinct methods that Werk24 can offer to you for integrating the AI feature into your price calculation processes to make it automated and more efficient. But it's clear that using our feature extraction solution from 2D drawings has more advantages than getting 3D Approximations first to use in your feature extraction system in price calculations.   

Suppose you want to see actual success percentages of how automation of data extraction from 2D drawings affects the price prediction processes. In that case, you can check our use case with Werk24's partner Saphirion. By automating the processing of technical drawings, Saphirion has drastically reduced the time required to generate price prediction formulas.   

With the power of AI continuously improving, our solutions only get better with time. If you're ready to propel your business into the digital age and optimize your price calculation process, don't hesitate. Contact Werk24 today.