Sourcengine is a multifaceted global electronic components e-commerce marketplace that helps buyers procure and thus modernize their supply chain management. With more than 3,000 verified suppliers and a database of 550 million parts, it simplifies and optimizes the procurement process. However, OEMs, CMs, and EMS providers may not know that registering with the marketplace offers added advantages.
Here are just 5 of the benefits Sourcengine offers to registered users.
1. Get Payment and Credit Terms
One of the key benefits of registering with Sourcengine is getting access to its payment and credit terms, approval pending. Electronic equipment and product manufacturing involve a certain degree of risk, and current market conditions have exacerbated that unpredictability. But the company’s account managers can provide firms with some breathing room by providing them with contract-dependent payment and credit terms.
Finding success during periods of unprecedented upheaval is not impossible, but it does require working with firms that are invested in their partner's success.
2. Use of Sourcengine’s BOM Tool
Companies that register with the service can use its powerful and easy-to-use BOM Tool for free.
Typically, manufacturers create a bill of materials by manually entering the part numbers they need into Excel spreadsheets. Then, firms issue RFQs with suppliers to find pricing and availability data. As procurement professionals know, this process is incredibly slow and creates a drag on the entire development and production process.
The BOM Tool greatly expedites this practice by letting companies upload multiple spreadsheets to the system, matching their contents with active offers in real-time. The system also enables buyers to establish criteria that fit their specific ordering needs. Procurement specialists can filter electronic component results by price, packaging condition, supplier, and delivery date with a few clicks. OEMs, CMs, and EMS providers can also use it to schedule drop-offs that fit seamlessly within their production plans.
Best of all, pricing and availability are not gathered from just one vendor but over 3,000 trustworthy suppliers. And with the click of a button, all offers can be purchased, or users can select only the ones they want.
The BOM Tool also provides users with alternate part suggestions if a component they need is not readily available.
After companies process their BOMs, they can download them as Excel spreadsheets, which makes sharing information with different departments and employees a breeze.
3. Make Purchases From Thoroughly Vetted Vendors
One of the biggest challenges of procuring electronic components in the contemporary landscape is avoiding counterfeit parts. The U.S. government determined that many popular e-commerce platforms do not thoroughly vet their sellers. As a result, fraudsters move an estimated $169 billion in counterfeit parts annually.
Thanks to its partnership with Sourceability, Sourcengine ensures that all its vendors are thoroughly vetted before their parts are listed.
In addition, it offers a three-year guarantee for all products purchased through its marketplace.
4. Access and Share Crucial Market Intelligence
Amid the global chip shortage, industrywide market intelligence has been crucial for the operations of OEMs, CMs, and EMS providers. Firms have to contend with intense volatility regarding part lead times and availability when planning their production schedules. To address this need, Sourcengine lets registered users set up and modify multi-person purchasing teams.
That means manufacturers can give their design teams conditionally access to insights that will enable them to compensate for stock-outs, EOL announcements, and cost increases. Consequently, engineers can make adjustments to their projects, like including alternates in their designs, that avoid problems created by the bottleneck. Because the marketplace allows registered users to upload parts lists with up to 4,000 items, staffers can greatly expediate their development research.
Procurement managers can then use the marketplace to acquire the parts selected by their colleagues and keep their production lines humming.
Sourcengine provides its customers with real-time sharable insights as part of its mission to help its customers digitalize their supply chains.
5. Organize Current and Previous Orders and Searches
Another benefit of Sourcengine’s digital approach to electronic components procurement is its multifaceted ordering dashboards.
After logging in, registered SCM specialists can review current and previous purchases. That way, firms can quickly and easily replicate and modify past orders using old BOM spreadsheets. The system also logs searches, so manufacturers can quickly find information about parts they looked up or BOMs they created but did not utilize.
In today’s fast-moving, frequently shifting electronic components marketplace, OEMs, CMs, and EMS providers need all the assistance they can get. Sourcengine takes pride in helping manufacturers accelerate their operations and lower procurement risks through the power of digitization.
Register today to take advantage of the tools and services offered by the world's leading electronic components e-commerce marketplace.