FACTON wins 2016 IT Innovation Award for Brandenburg
Potsdam-based software manufacturer FACTON wins 2016 IT Innovation Award for the State of Brandenburg with its FACTON EPC solution.
Potsdam, March 14, 2016. The Potsdam-based software manufacturer FACTON was presented the 2016 IT Innovation Award for the State of Brandenburg. The company was recognized for its FACTON EPC software by “Initiative Mittelstand” under the auspices of TÜV Nord. The panel of judges was impressed by the transparent product costing solution’s high level of innovation and the special benefits it offers industrial SMEs.
“In global competition, it’s often only a few cents that decide whether a company is awarded a contract or not,” says Alexander M. Swoboda, CEO of FACTON GmbH. “SMEs in particular must be able to rely completely on their ability to produce at the lowest possible rates and trust that their cost calculations are accurate – no matter how complex the project is or how many different variants there are. FACTON EPC gives them the assurance they need.” Other costing solutions consist of expensive standard packages that are too extensive; FACTON has designed its software with the flexibility to also meet the needs of the structures in place at SMEs. The list of customers already includes numerous medium-sized manufacturing companies, especially automotive suppliers, but also global corporations such as Porsche and Airbus.
EPC is short for Enterprise Product Costing, a cost management method for standardized, enterprise-wide costing that ensures cost transparency throughout the entire product life cycle. EPC software is designed for collaboration in an interdisciplinary team, connecting managers, controllers, purchasing agents, sales reps and developers at all company locations in order to continuously track and optimize product costs from the initial product idea to series production.
Companies can use their conventional systems (e.g. standard ERP or PLM software) for costing, but these tools are often very inconvenient because any cost-relevant data must first be manually collected from the various sources. And at the end of the day, the results are generally inaccurate. The EPC software from FACTON solves this problem via a central database that automatically gathers and regularly updates all cost-relevant data from existing IT systems. This method is not only significantly faster, it also ensures that all users work with the same data and standards to promote a common understanding of costs. FACTON EPC is designed for large amounts of data and can even make the costs of complex products transparent so that it is easy to identify and eliminate cost drivers. It is also possible to create reports, simulations and comparisons quickly and easily.
The IT Innovation Award has been presented annually for the past twelve years by "Initiative Mittelstand" and recognizes particularly innovative, SME-suitable products and solutions. The panel consisting of professors, scientists, IT industry experts and trade journalists honors the year’s best innovations in 38 different IT industry categories. The award is presented under the auspices of TÜV Nord; other official partners include CeBIT, the world’s largest computer expo, and "TechnologieAllianz", a nationwide association that unites patent marketing agencies and technology transfer agencies in a single network.