New database systems are extremely important when it comes to making good decisions as a business owner. Big data has really streamlined many aspects of the business management process, which includes procuring products more effectively. Data-driven businesses will have an easier time getting the products that they need.
There’s nothing that will slow production down quicker than a machine that has decided to stop working, or when you run out of component parts to fulfil an order. It’s a nightmare scenario, but with the right procurement approach, these types of situations can be avoided altogether. Something which your bottom line, your employees and your clients will certainly appreciate. You can prevent problems must more easily if you use data analytics to make more sensible decisions, such as by identifying the right parts.
If you’re still procuring your electronic components by scouring through catalogues, visiting vendors in person, and making phone call after phone call then you can expect your entire business to suffer the effects of a painstakingly slow procurement process. This is why more SMEs than ever before are ordering their electronic components online. Read on to find out more about how to use more reliable databases to handle this process more efficiently.
An extensive range
We previously talked about the benefits of using big data for inventory management. This involves using the right data-driven applications and working with suppliers that use big data solutions as well.
Whether you’re looking for a specific semi-conductor or this popular Ddr Dram part, it can take your OEM hours to source the right part, from the right vendor, find out if it’s in stock, and then wait potentially weeks for it to arrive. Simply put, if you want your business to get ahead, then this approach just won’t work. By changing your approach and ordering your parts online, you’ll be able to easily source the part you need from millions of options. Sourcengine.com boasts over 550 million electronic components in their database, and as all parts are fully traceable and of the highest quality, you’ll be able to order the parts you need with confidence.
The best prices and deals
It’s not always easy to gauge if you’re getting the best deal for your component parts, when you’re still comparing prices in the traditional way. By moving your electrical parts search online to Sourcengine.com, you’ll be able to set your specific search criteria, detailing the prices you need and allowing you to compare prices from over 3,000 vendors. All with just a couple of clicks. You’ll also have exclusive access to Sourcengine’s Quoting Tool and automatically view the best deals for your parts.
Data analytics tools also help with identifying the right prices for your products. You should know how to use databases to identify the most cost-effective options.
Ordering your parts online doesn’t mean you have to come with more risk. When you invest in a provider such as Sourcengine, every part you purchase comes with a 3-year guarantee – just another reason why more SMEs than ever before are ordering their component parts online.
This is another thing that you should evaluate with databases. Databases from suppliers should provide stipulations on the warranties of any parts that you buy.
It’s incredibly fast
Whether you’re searching for one individual part or you have an extensive BOM containing hundreds of component parts, working through your BOM, searching, and purchasing each part is incredibly time consuming. And whether you have a procurement team in place, or you’re in charge of sourcing these parts yourself, streamlining the process will only improve the day-to-day running of your business. By updating your procurement process and turning to an online marketplace, you can upload your entire BOM with just one click and order what you need within minutes.
Databases Are Important for Helping Your Procure Parts Efficiently
If you’re an SME wanting to push your business forward, then looking at your working practices can help you streamline your entire company. Check out Sourcengine.com to update your procurement process.