Originally published on May 12, 2014 12:26 pm Entrepreneur Andy Krafsur raised money for Spira Footwear by reaching out to friends and family.
Manufacturers rely on the information that is included in the bill of materials (BOM) to build a product. To manage what can be a tremendous amount of information, companies often use either Excel spreadsheets or a dedicated BOM management system like Arena PLM.
The great thing about using spreadsheets for your bill of materials is that they are flexible and can be formatted however you like.
Users can quickly scan bills of materials and understand where particular parts are located when each level is denoted with a marker (e.g.
An indented BOM in Arena PLM contains all the same information as an Excel BOM: part name, part number and quantity information. In Arena PLM, part data and sourcing information are linked together so users can quickly view the manufacturing information for each item on a BOM.
The redline BOM view in Arena PLM offers a clear visual comparison of two revisions of a bill of materials. The BOM comparisons view in Arena PLM has built-in capabilities that allow the differences between two similar BOMs to be easily compared.
The screen shot to the right shows modifications in quantity, but differences can be shown for any attribute. Regardless of whether you use Excel spreadsheets or a cloud-based bill of materials product, your BOMs must contain complete and accurate information in order to be useful in building quality products. The zip below includes a Basic Excel Bill of Materials, an Excel Bill of Materials with a Header, and an Excel Bill of Materials with Assembly Levels. An EBOM is often organized by engineers based on the CAD or EDA tool used and defines the product as designed. The TILA-RESPA integrated disclosure rule replaces four disclosure forms with two new ones. Ensures compliance with Federal consumer financial laws by supervising market participants and bringing enforcement actions when appropriate.
Provides, through a variety of initiatives and methods, information to consumers that will allow them to make decisions that are best for them.
The CFPB is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. Inform the public, policy makers, and the CFPB’s own policy-making with data-driven analysis of consumer finance markets and consumer behavior. Strategies and investments that lay out the actions we will take to accomplish our outcomes. Prior to Congress enacting the Dodd-Frank Act, consumer financial protection had not been the primary focus of any one federal agency, and no agency could set the rules for the entire financial market.
Industry structure is always changing, and therefore, so too will the number of institutions that fall under the CFPB’s supervisory authority. Develop and maintain an efficient fact-based approach to developing, evaluating, revising, and finalizing regulations. Develop a rule-writing team with highly advanced skills in relevant and specialized legal and business areas. Work with consumers and industry stakeholders on developing regulations to implement existing Federal consumer financial laws effectively.
Develop ways to provide financial product disclosure information to consumers electronically. Section 1022(d) of the Dodd-Frank Act requires the CFPB to assess each significant rule the Bureau adopts and publish a report of the assessment within five years of the effective date.
The Regulatory Flexibility Act, as amended by SBREFA and the Dodd-Frank Act, requires the Bureau to convene a Small Business Review Panel before proposing a rule that will have a significant economic impact on a substantial number of small entities. Acquire and analyze qualitative and quantitative information and data pertaining to consumer financial product and service markets and companies. Focus resources on institutions and their product lines that, based on their size, nature of the product, and field and market intelligence, pose the greatest risk to consumers. Establish a framework for sharing information, coordinating activity, and promoting best practices with fellow financial institution supervisory and law enforcement agencies to ensure the most effective use of regulatory resources. Continue to develop a technology solution for coordinating supervisory information, capable of recording, storing, tracking, and reporting information on the CFPB’s supervisory process.
Continue implementing a tool capable of reviewing loan and deposit portfolios for compliance with Federal consumer financial laws.
Effective supervision of financial institutions to foster compliance with Federal consumer financial laws requires prompt notice to institutions of matters requiring their attention and action to avoid further violations or consumer harm. This measure ensures that the CFPB successfully resolves as many actions as possible while, at the same time, pursuing complex and challenging actions when appropriate, even when success is not assured. The CFPB works to arm consumers with the knowledge, tools, and capabilities they need in order to make better-informed financial decisions by engaging them in the right moments of their financial lives, in moments when they are most receptive to seeking out and acting on assistance. Here, the site's founders (from left): Alon Hillel-Tuch, Vladimir Vukicevic, Brian Meece and Jed Cohen. The bill of materials typically includes part names, part numbers, part revisions and the quantities required to build an assembly.
Below are examples of how a bill of materials for a GPS navigation product would look in each system.


The bad thing about using spreadsheets for BOMS is that they are flexible and anyone can format them however they like, often resulting in inconsistencies across a company’s BOMs. It contains BOM level, part number, part name, revision, quantity and reference designators. The first line, with a BOM level of zero, is the top-level product or assembly to which everything else in the bill of materials reports. When your top-level product or assembly information (level zero) is included in the header, it should not be repeated below. With the correct Excel formula, this number can automate the placement of the visual marker in the correct column. The Arena PLM product uses a database, which allows quick reconfiguration of information and an unlimited number of one-to-many and many-to-many relationships. However, the Arena BOM can be exploded or collapsed at each assembly level in order to see more or less depth as needed.
Item lines with differences are marked with red arrows on the left and those differences are marked in red on the right.
When a change is made to one of those parts, the information must be updated in EVERY location the part is used. The BOM spreadsheet examples below and the Arena article on managing your bills of materials in Excel provide valuable information to help keep your BOMs in control. This article explains the difference between an MBOM and an EBOM and the importance of creating a complete and accurate bill of materials. Learn how a complete and accurate engineering BOM supports a smooth hand-off to manufacturing.
We take in data, manage it, store it, share it appropriately, and protect it from unauthorized access. This means developing and leveraging technology to enhance the CFPB’s reach, impact, and effectiveness. Therefore, we invest in world-class training and support in order to create an environment that encourages employees at all levels to tackle complex challenges. We serve our colleagues by listening to one another and by sharing our collective knowledge and experience. We believe in investing in the growth of our colleagues and in creating an organization that is accountable to the American people. The result was a system without sufficiently effective rules or consistent enforcement of the law. The CFPB is designed to be agile and adjust its approach to supervising the financial industry in order to respond rapidly to changing consumer needs. Working with industry groups, develop data standards so that private enterprise can create new tools that help consumers understand the financial products they buy. The assessment addresses, among other factors, the rule’s effectiveness in meeting the purposes and objectives of the Dodd-Frank Act, Title X and the specific goals the Bureau states for the rule. Other public outreach efforts, such as meetings with consumers and industry stakeholders in the development of a proposal, inform and otherwise assist the Bureau in crafting more effective rules. A thorough report development and review process ensures high quality reports that appropriately explain what the examination team found and why corrective actions, if any, are required. Timely pursuit of resolutions increases deterrence and provides consumers with greater protections of law. The CFPB seeks to successfully resolve as many fair lending actions as possible while, at the same time, pursuing complex and challenging actions when appropriate, even when success is not assured. To that end, the CFPB will develop and maintain a variety of tools, programs, and initiatives that provide targeted, meaningful, and accessible assistance and information to consumers at the moment they need it. Thorough BOMs can include more descriptive information too, for example, the unit of measure or procurement type. It also allows for complementary information, like drawings, part specifications and supplier options, to be included in a BOM without additional overhead. For Excel spreadsheet users, this task may involve lots of searching through folders or working with fragile cross-linked formulas to find and update every occurrence of the part. The Bureau is developing targeted outreach to groups that face particular challenges, as required by the Dodd-Frank Act.
Our aim is to use data purposefully, to analyze and distill data to enable informed decision-making in all internal and external functions.
We strive to be recognized as an innovative, 21st century agency whose approach to technology serves as a model within government. The Bureau is also interested in exploring ways to increase general consumer involvement in the rulemaking process. These supervisory activities will foster compliance with Federal consumer financial laws, promote a fair consumer financial marketplace, and prevent unlawful discrimination. BOMs that have printed circuit board assemblies (PCBAs) contain a column for listing reference designators. Here are some examples of how the same GPS navigation bill of materials can look in Arena PLM.
In Arena PLM, where the connections are built in, the update propagates automatically to every location of the part and can be easily reviewed. We seek input from and collaborate with consumers, industry, government entities, and other external stakeholders.


The Dodd-Frank Act increased accountability in government by consolidating consumer financial protection authorities that had existed across seven different federal agencies into one, the newly formed Consumer Financial Protection Bureau. The Securities and Exchange Commission is about to approve rules allowing small businesses to reach out to investors through these kinds of crowdfunding networks. These authorities include the ability to issue regulations under more than a dozen Federal consumer financial laws. Successful Connections For Krafsur and Spira Footwear, the crowdfunding site opened business to a huge network of new customers. With the consolidation of existing and new authorities under one roof, the CFPB is now focused and equipped to prevent financial harm to consumers while promoting practices that benefit consumers across financial institutions. Over time, Krafsur has used the site to sell about $6,000 pairs of athletic shoes, bringing in about a half-million dollars. Chief Financial Officer Alon Hillel-Tuch says that since 2009, RocketHub has helped numerous small businesses raise money. Sites like RocketHub work by connecting entrepreneurs with potential customers all over the country.
Under rules written by the Securities and Exchange Commission, businesses will be able to use crowdfunding to sell stock, says law professor Mercer Bullard of the University of Mississippi. The new rules grew out of the JOBS Act, which — in a rare act of bipartisanship — was passed by Congress two years ago and signed into law by President Obama.
Bullard notes that crowdfunding sites will be allowed to reach out to a whole new class of investors. At RocketHub, Hillel-Tuch says regulators have imposed strict auditing requirements on companies that use crowdfunding. He also says crowdfunding sites need protection against investor lawsuits, or they'll have to get expensive liability insurance, which will ultimately have to be paid for the small businesses that use the sites. Transcript STEVE INSKEEP, HOST: One tough challenge for a start-up business is raising money.
The Securities and Exchange Commission is about to approve rules allowing small businesses to use crowdfunding networks to sell stock to investors. JIM ZAROLLI, BYLINE: When Andy Krasfur opened Spira Footwear a dozen years ago he raised money the way a lot of entrepreneurs do.
ANDY KRASFUR: The pool of people that you can go to has shrunken significantly and everybody goes to those same people.
KRASFUR: Kind of the way I looked at it was your customer becomes your bank and your customer. ZAROLLI: Over time Krasfur has used the site to sell about 6,000 pairs of athletic shoes bringing in about a half million dollars. Chief financial officer Alon Hillel-Tuch says that since 2009 RocketHub has helped numerous small businesses raise money. ZAROLLI: Sites like RocketHub work by connecting entrepreneurs with potential customers all over the country. Under rules written by the Securities and Exchange Commission businesses will be able to use crowdfunding to sell stock, says law professor Mercer Bullard of the University of Mississippi.
MERCER BULLARD: You will be able to go online, review a company yourself, and if you like it push a button and invest and receive stock in that company in return. ZAROLLI: The new rules grew out of the Jobs Act which, in a rare act of bipartisanship, was passed by Congress two years ago and signed into law by President Obama.
BULLARD: No matter what your income or net worth you're guaranteed to be able to invest at least $2,000. If you are the retired widow living on social security and you've managed to save $100,000 in your bank account, you can put $10,000 of that into crowd-funding every year. BULLARD: We know from statistics how many new businesses are going to fail and if you assume that crowdfunding investments are just like any other you're looking at a quarter to a third of them failing within a couple of years. ZAROLLI: The SEC has struggled to write rules that will protect small investors and also unleash the potential of crowdfunding. Alabama Congressman Spencer Bachus addressed SEC Chair Mary Jo White at a hearing last month. ZAROLLI: At RocketHub, Alon Hillel-Tuch says regulators have imposed strict auditing requirements on companies that use crowdfunding.
He also says crowdfunding sites need protection against investor lawsuits or they'll have to get expensive liability insurance.
And he says that will ultimately have to be paid for the small businesses that use the sites. HILLEL-TUCH: It's a very unfortunate thing because what you're actually doing is you're limiting the rate at which we're able to domestically innovate and expand and in essence create jobs, right? ZAROLLI: Some members of Congress have called for rewriting the Jobs Act to address such concerns.



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