many mold project engineers usually meet a problem like how to quickly provide an accurate mold quotation to our customer when they get a mold quotation inquiry, it is a big problem, because as the mold industry grows, it’s competition intensifies,

accurate mold costing and quick response to a quotation inquiry become a critical step in this engineering tooling industry, voluminous studies are available in the literature on cost estimation. They can be grouped into four types of cost estimation approaches: direct, empirical, item by item, and template:

1) Direct estimation basically depends on the experience of the estimator, the estimate can vary widely.
2) the empirical approach is limited to a specific product type in each trade.
3) the item by item approach usually takes too long time to estimate. As the customer often expects a turnaround time of several hours for a quotation.
4) the template approach is built on sufficient data collected from successful deployment of the other three approaches.
Therefore, the practice of each approach only has acquired limited success in the mold industry.

Overall, getting your RFQ right will ensure your mould tooling purchase goes smoothly. We’ll list how in 5 steps below：
1. Provide as much detail as possible on your RFQ.
What features need to be included in your mould tooling?

Whatever the type of tooling required, it’s important to try to cover your specific needs for your production, and include these in your RFQs.

Leaving it to your supplier to determine your requirement for themselves is not ideal. For example, you may have a number of standard features for the fitting of the tooling to machines etc. These may be bespoke to you and, unless stated, will not be included in the quotation.

Give your supplier as much information as possible right from the start. Doing this at the RFQ stage will give you the best chance of receiving the most accurate quotation.

2. Discuss your production requirements.
Discussing your production requirement with your supplier may not only increase your production, but it could save you money on your tooling.

There may be options such as multi cavity moulds for a number of different components, or a more cost-effective solution for smaller runs.

For example, 1 mould unit could consist of 2 identical parts for increased production, or the same unit could consist of 2 different components for shorter runs.

3. Specify the material needed, or, if you don’t know, discuss this with the supplier.
Different types of mould tooling can be produced from a variety of materials, such as resin, tooling board, aluminium and steel. Depending on your application and the material you specify, the cost could vary.

You may already know exactly what material is required, but if you don’t, consult your supplier to find out what will provide more value in the long run. They should be able to recommend the most cost-effective options and point out both the advantages and disadvantages of the materials available. This will take into consideration the production requirement, lifespan of the project, budget, etc.

So, to get a quote for mould tooling that best suits your needs, make sure you specify the appropriate material in your RFQ. Discuss this openly with your supplier so they can advise accordingly.

4. Let them know your lead time requirement.
If you have a date you’ll need your mould tooling by, you should let your potential supplier know straight away.

Providing an indication of lead time requirement at RFQ stage means you won’t be quoted for projects that are unachievable.

That means you won’t waste time comparing quotes that won’t actually deliver. And, more importantly, you won’t accept a quote that will delay your tooling project.

5. Provide feedback.
Value your suppliers and they will value you in return.

Providing feedback builds relationships, and those relationships can go a long way when you’re on a tight budget.

Not only that, but the feedback you provide – be it positive or negative – will shape your supplier’s future offerings.

In future, your feedback may very well be reflected in your buying choices.