Part Analytics

Part Analytics provides a cloud-based, AI-powered platform designed to digitalize direct material procurement for manufacturing companies. The company was founded in Waukesha, Wisconsin, in 2017 by Jithendra Palasagaram and Jesil Pujara. Their journey began after they left corporate roles at GE Healthcare, leveraging their direct experience in engineering and sourcing to address the inefficiencies they witnessed. Palasagaram was pursuing his MBA at the University of Chicago and, with Pujara, developed the business plan as part of a New Venture Challenge, where they placed in the top 10 out of 80 teams.

The firm's business model is centered on a Software-as-a-Service (SaaS) subscription, providing clients with tools for procurement analytics specifically for electronic components. It targets large original equipment manufacturers (OEMs) and Electronics Manufacturing Services (EMS) firms, aiming to reduce costs and mitigate supply chain risks. The platform makes money by charging for access to its suite of software tools that harmonize data from various sources, such as internal enterprise systems and external market data, to provide actionable insights. This helps clients optimize negotiations, manage spend, and accelerate product development. In January 2025, Part Analytics was acquired by Altium, a global leader in electronics design systems, and now operates as a subsidiary. The acquisition is intended to integrate Part Analytics' procurement platform into Altium's Altium 365 cloud platform, connecting design processes with sourcing and lifecycle management.

The core offering is a "Design to Source" platform with several modules. The "Part IQ" module allows users to search for components, find alternatives, and monitor availability, lead times, and risk from a unified catalog. "BOM IQ" enables users to upload a bill of materials (BOM) to receive real-time insights on cost, savings, and potential supply chain risks, thus speeding up design iterations. "Category IQ" provides AI-driven spend analytics to benchmark supplier performance and assess risk by commodity, region, and supplier. Lastly, "RFQ IQ" digitizes the request-for-quote process, moving it from spreadsheets into a centralized platform to streamline negotiations and automate bid analysis. The system integrates with enterprise software like PLM and ERP systems and has demonstrated significant efficiency gains for customers like Emerson and Illinois Tool Works.

Keywords: supply chain management, direct material procurement, sourcing software, procurement analytics, electronic components, SaaS, bill of materials management, spend analytics, supply chain risk management, RFQ management, cost reduction, design to source, supplier collaboration, parts availability, OEM manufacturing, EMS, Altium, Jithendra Palasagaram, component sourcing, supply chain intelligence