The Enterprise Research Centre in the University of Limerick have under an Enterprise Ireland Commercialisation project (TD/03/411) developed a contract costing software tool with an embedded simulation engine. This tool itself has been developed to aid companies in responding to requests for quotations as applicable in outsourcing today.
In essence the SIMCT tool allows non-simulation experts to develop via a web browser simulation models using a simplified graphical user interface (GUI) rapidly for the purpose of responding to Requests For Quotations (RFQ). RFQs are used by buyers to invite a number of potential sellers to compete for a defined outsourcing activity. These RFQs are set with particular time limits for response on them. It is then the seller’s responsibility to determine an appropriate response in a timely fashion to this RFQ. The SIMCT tool has been developed to aid the process of RFQ response from the seller’s perspective.
SIMCT is a web-based tool, which has been designed to enable suppliers to develop contract quotations more quickly and accurately. The aim of this software is to allow companies to consider the operational details that affect the cost of providing the product/service. This has been achieved by integrating this web-based tool with activity based costing combined with a discrete event simulation engine embedded at its core.
This discrete event simulation engine provides the tool with extensive experimentation and analytical capabilities, which is beyond all other contract costing tools on the market today. This extended contract costing ability provides the supplier with increased confidence in the level of service that they can provide given the contractual terms and conditions set out in the RFQ.
