What exactly does LMMS stand for? – Levente Bakos, the managing director of LabShare Ltd. covered this exciting new concept in a presentation he delivered on the future of the testing market. The so-called Laboratory Market Management System has considerable benefits over the LIMS system currently in use in the test industry.
This sharing economy-based concept aims to connect labs, engineering centers, manufacturers worldwide and create a platform that allows each provider to find their perfect place on the market. The model builds on exploiting the capacities of labs that would otherwise remain unused, thereby minimizing costs and maximizing the utilization of resources on a global level. Such a platform is LabShare, an online marketplace focusing on the mobility industry.
“Choosing an appropriate lab is not easy. Engineering centers and manufacturers often have to wait in a very long queue to perform a test, while hardware validation costs can raise up to millions of Euros” – pointed out Bakos. “At the same time, labs across Europe are wasting billions due to the depreciation costs of their equipment, all while they invest billions in new assets.”
An LMMS, on the other hand, offers immediate insight into each lab’s performance. Not quite unlike an Airbnb of the testing industry, it offers immediate insight into each lab’s performance. LabShare, for instance, allows contractors to rate labs based on quality, competence, timing and communication.
Unlike in Google, labs appear pre-filtered according to ratings, free capacity, prices and availability. At the same time, labs can use the platform to outsource certain operations or even cooperate with each other, providing the best possible service to their manufacturing partners.
“ This method is not only economically smart it can also make the testing industry carbon neutral in the long run. Do not invest! Reduce testing costs and test management efforts. Be smart, use networks, join the future and join LabShare” – Bakos added.