Quick Tip: Commodities

What are commodities?

Commodities are raw ingredients or components that make up any product. In manufacturing, some common commodities include aluminum, copper, and steel. The price of commodities is continuously fluctuating, so the cost of producing a part can change from one order to the next. 

Is This You?

• You work with commodities in your shop every day.

• You work with many types of commodities

• When the price of a commodity changes, you are unable to efficiently update your quotes.

Problem

Some manufacturers may end up quoting the same price even though the cost of purchasing a commodity has changed. For example, during the recent recession, the price of steel increased five cents per day. 

Solution

Instead of manually adjusting prices as they change, you can create a system that globally updates the changing prices of materials. When integrated, the system can then update the prices that changes, without changing everything else in the quote. In MIE Trak Pro, updating commodity-based pricing is done with a click of a button. You can enter the specific price change and it modifies all future quotes that contain the selected commodity.