As a startup business owner, you’ll understand the importance of keeping your costs low and protecting your bottom line. Whether you’re working from a limited budget or still trying to find the best way of doing things, taking command of each stage of your manufacturing process will help you retain control of your assets and reduce the likelihood of a financial dilemma.
If you’re an OEM, then you’ll know that the procurement process is a procedure that can quickly drain your company resources. Poorly compared prices, limited vendors and questionable quality component parts can quickly spiral out of control. This is why developing a robust procurement process as soon as possible, is recommended. Only then can your startup hit the ground running.
Wondering where to begin? Here we’ll look at how you can save time and money searching for electrical components, with some helpful tips every startup should know.
Stop manually comparing prices
Getting to know dozens of different vendors sounds like the best place to start. However, manually comparing hundreds of different electrical fuses, passives, inductors and resonators, along with all their attributed prices both online and in physical stores, is a painstakingly slow process. This makes it one of the worst wastes of resources in your company. There’s also no guarantee that the prices you’re comparing are the lowest ones.
Instead, hit the ground running by leaving those catalogues and endless phone calls in the past. Switching to an online based marketplace for your electronic components, means you’ll have access to the best possible prices for your chosen parts, as well as offers and other incentives. Making this approach the most effective and efficient way to procure the parts you need.
Save time by uploading your BOM
Time is a valuable resource for any startup, which means manually searching and comparing each individual component is going to be a laborious process, especially if you’re searching for parts via individual sites or stores. By utilising Sourcengine’s BOM tool, you can upload your bill of materials with just one click. With over 550 million parts available in its database, you’re sure to find the parts you need within moments.
Set your search criteria
Once you’ve uploaded your BOM, you can streamline the process even further, but selecting the criteria you want to appear in your results. Maybe you want the lowest price, or perhaps the fastest delivery or maybe you want to work with a specific vendor. Whatever you need, you can simplify this process by making it cheaper and faster to find the parts you need.
Shop with confidence
When you choose an online platform such as Sourcengine to procure your electronic parts, you not only get high quality parts at your disposal and full control of the ordering process, but additional peace of mind, thanks to the 3-year warranty that comes with each part. When you know your electronic components are backed with a guarantee, you can shop with confidence.