Speaker: Vic Sial
The beauty of the solution is that it provides an extremely robust return on invested capital that can very easily be determined. For example, if you are pushing the receiving inspections back to the supplier, you can catch quality escapes much earlier in the cycle and thereby reduce the cost of quality. Additionally, you have eliminated conceivably hoards of roving inspectors at your supplier sites, and that is a very hard dollar cost. Also, because we are monitoring the metrics being captured on the supplier-bought quality as well as on-time deliveries, our customers can focus on supplier performance and conceivably rationalize the supply chain.
The solution could be extended not just to a single site, but it could also be used at the division or enterprise level. As a result then, the original equipment manufacturer (OEM) could enjoy significantly better discounts as a function of greater volumes to the supply chain. I am really excited about this product. This product is starting to gain general market acceptance very quickly. We talk about it with most existing customers as well as new customers, and it really opens up additional markets for us beyond our traditional aerospace and defense market space.
While we are on the subject, I would like to highlight the other key markets to which the company has expanded in the past. We provide our solution to industrial engineering, or highly engineered devices as well as medical devices and medical equipment. Any company that manufactures a discrete, complex product in a highly regulated market is an excellent prospect for our solution.