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Important Sourcengine Updates in 2023

Important Sourcengine Updates in 2023

An image of a calculator surrounded by components

The electronic components supply chain is in a state of constant flux. As advanced technology evolves based on the needs of its consumers, so does the industry itself. Likewise, the challenges that ravage the supply chain of today have transformed over the course of the market’s history. The electronic component procurement process should look much different today than it did over a decade ago.  

As the leading e-commerce site for electronic components that prioritizes original equipment manufacturers (OEMs), contract manufacturers (CMs), and electronic manufacturing service (EMS) providers of all sizes, Sourcengine adapts to the needs of the procurement teams that use it.  

Over 2023, Sourcengine sought new and innovative ways to offer digital solutions that improved traditional, manual processes. Throughout the year, most OEMs, CMs, and EMS providers grappled with component shortages or excess electronic component inventory, depending on their market sector. Any disruption comes with its own supply of specific challenges that require different solutions. Sourcengine is the one-stop shop to overcome any supply chain issue that a buyer might encounter.  

To continue offering customers premier services in electronic component procurement and bill of materials (BOM) management, the Sourcengine team developed and released several important features and updates to its site. During the year, Sourcengine’s Feature Focus newsletter covered recent releases and updates on Sourcengine to help spread awareness about the latest tools that simplify and streamline your processes. These recent updates were created to help manufacturers offload any troubling excess inventory and strategically plan for future stock orders to prevent double ordering.  

Sourcengine API

One of the most significant updates to Sourcengine was the revision and improvement of Sourcengine’s API. Sourcengine’s Application Program Interface (API) is an innovative tool that allows users to integrate their enterprise resource or material requirement planning (ERP/MRP) systems with the world’s leading e-commerce site in electronic components. Sourcengine’s API aims to help users streamline their procurement process with the capability to access thousands of franchised, authorized, and third-party verified suppliers and over 1-billion-part listings worldwide.  

OEMs, CMs, and EMS providers can automate tedious and time-consuming manual processes such as inventory management, delivery scheduling, and electronic component sourcing. The Sourcengine API removes the risk of human errors and outdated or inaccurate information. Buyers can access technical datasheets for electronic components, real-time pricing, market analytics, compliance data, and the ability to place orders systematically.  

Fitting easily within your ERP/MRP tools, complete transparency ensures that supply chain decision-makers and engineers can monitor procurement and approve purchases without ever having to learn a new tool.  

Additionally, as a service provider, Sourcengine’s in-stock inventory isn’t the only information you obtain through the API service. Through Sourcengine’s API, buyers can leverage Sourcengine’s data acquisition to receive updates on electronic inventory and pricing, including partners that can handle RFQ queries through our RFQ management tools.

Sourcengine has also partnered with notable solutions providers such as CalcuQuote, which offers software and supply chain solutions for electronics manufacturing to give users an edge over their competitors. Kaitlyn Dotson, CalcuQuote COO, said, “The integration to the Sourcengine Order API further provides digital purchasing capabilities to the electronics manufacturing industry integrated through CalcuQuote solutions. The industry continues to push for more digitalization for ordering, which allows CalcuQuote to support more customers.”

For OEMs, CMs, and EMS providers that want to increase flexibility, scalability, and efficiency in their procurement process, Sourcengine API is the tool of choice. Users can easily automate manual processes, improving the productivity of organizational operations. Due to the rising use of digitalization in the workplace, manual procurement can become a hindrance during shortages or other market conditions. Sourcengine’s API helps companies streamline workflows to keep production lines running without delays.  

Sourcengine’s API is the last integration you will ever need. You can find out more about it and check it out here.  

The Excess Estimator and Excess Inventory E-Book

Excess electronic component inventory rose after the explosive demand throughout 2020-2022 that contributed to the global semiconductor shortage dropped off. Desperation fueled double-ordering among OEMs, CMs, and EMS providers that faced production stalls, but when demand bullwhipped from shortage to glut, surplus stock became a liability almost overnight.  

Excess electronic component inventory can spell trouble for many manufacturers due to the additional costs excess can rack up. To offset these problems, those with excess stock only have a few options, which may not be applicable depending on the situation. Companies can try to cancel orders, usually at their expense, or trade with other business partners. However, these options might not be viable if the original component manufacturer (OCM) or distributor has made the stock order noncancelable. Likewise, business partners in the same market space are usually in the same boat, unable to alleviate their own surplus.  

The only option left is to sell the excess inventory to regain some lost capital. Many small and mid-sized OEMs, CMs, and EMS providers lack the marketing presence necessary to sell excess stock to other manufacturers quickly. Similarly, it can be hard to determine the best price to sell the surplus for when the electronic component marketplace is constantly in flux from inflation, low demand, or other factors.  

Witnessing these challenges, Sourcengine introduced the Sell Your Excess feature in late 2022 for OEMs, CMs, and EMS providers to sell their excess through a global distributor of electronic components with indexed product detail pages (PDPs).

To help companies become more aware of the risks and opportunities of excess electronic component inventory, Sourcengine released an e-book, Learn How to Recoup Your Excess Inventory Costs with Ease, to illustrate the challenges with unnecessary excess and how to eliminate it effectively.  

The Excess Estimator was the most vital tool Sourcengine gained in 2023 to help users combat their excess challenges.  

The Excess Estimator is the only tool on the market to instantly evaluate excess electronic component inventory to formulate a sales price based on real-time market data. With a far more accurate pricing outlook than other calculators, the estimator informs users of the maximum return they can obtain by selling their excess on Sourcengine quickly.  

Users can still sell excess inventory through Sourcengine without the Excess Estimator’s suggested price, but set prices determined through the estimator sell far more frequently than those without. Estimates can be determined at no additional cost to the users. The Excess Estimator is a free tool for organizations to assess selling prices instantly against stock-based company data.

Users can set a “Target Sell Price” before running an estimate on their excess inventory for quick comparisons between target sell prices and actual market pricing. To get an even clearer picture of what excess stock can sell for, inputting “Quantity on Hand” into the appropriate field will reveal the total cash opportunity an organization can gain through selling.  

Excess inventory is expected to continue being a problem through 2024 despite noticeable signs of a market recovery occurring. To eliminate excess electronic component inventory and regain lost capital, you can sell on Sourcengine at any time, from any place.  

Sourcengine Portal

For many Sourceability buyers, traditional procurement through a sales representative has been the primary method of purchasing components for years.  Unfortunately, that means tedious, manual processes can be a recurring challenge for procurement professionals who are always on the go. It can be difficult to properly track order shipments or keep accurate purchase history offline, often requiring buyers to contact their sales associates for needed information.  

Sourcengine Portal is the solution. All buyers purchasing through Sourcengine’s parent company, Sourceability, now receive a complimentary Sourcengine account through the Sourcengine Portal.  

This new initiative gives buyers access to Sourceability’s leading e-commerce site, Sourcengine, where one can obtain information about their orders whenever necessary. Through Sourcengine, Sourceability buyers can revise or repurchase previous orders regardless of where and how old orders were placed. The Sourcengine dashboard is easy to use and simple to understand, helping buyers quickly find offers on their needed parts through Sourcengine’s fill-in search bar via manufacturer part numbers (MPNs). Users will instantly receive a litany of offers filtered by manufacturer, lifecycle status, RoHS compliance, or exact matches.  

For those who worry about the lack of a human sales representative, don’t worry. If you need to contact your rep, your account will be connected to them, so you’ll get the support you need whenever and wherever through the portal or your representative.  

Sourcengine Web Browser Extension

It can take buyers and other procurement professionals hours to compare inventory availability, lead time, and price range on electronic component offers. During this process, professionals often click through dozens upon dozens of websites to find the best part offer. To help cut down those hours, Sourcengine recently released its latest tool to help simplify the complicated sourcing components.  

The Sourcengine Extension is the go-to tool for buyers and procurement teams within the electronic components industry. After being installed into a web browser, users can leverage Sourcengine’s market data on component availability, inventory level, and price data while navigating other distributor websites. While users search for electronic components, the Sourcengine Extension will display MPN offers on Sourcengine, allowing users to compare available inventory and lead time between Sourcengine and other distributor sites.

The Sourcengine Extension can drastically reduce the time and effort it takes for buyers to locate vital component offers. Most importantly, the Sourcengine Extension is integrated with real-time market data on market availability, multi-source availability, and pricing trends from Sourceability’s proprietary market intelligence tool, Datalynq. This data helps ensure procurement professionals can make the most time-effective decision to mitigate supply chain risks.  

To begin browsing the web with Sourcengine Extension, download it via the Chrome or Edge Store.

Sourceability and Cadence Join Forces

Sourceability and Cadence Design Systems, Inc. recently announced their strategic partnership to bring supply chain visibility to design engineers whenever needed. Under the agreement, Sourceability’s market intelligence tool, Datalynq, which compiles and analyzes real-time market data from the leading global marketplace for electronic components, Sourcengine, will be integrated into the Cadence® OrCAD® X Platform. This integration will provide design engineers with market intelligence assessments and electronic components risk scores to help reduce design challenges and mitigate other supply chain disruptions. This will help companies make better commercial decisions.  

The OrCAD X tool helps design and manufacturing engineers build products with lower supply chain risk, which keeps production lines running, ensures final product availability, and enables more stable cash flow. Cadence customers can access Datalynq’s functionality directly within the OrCAD X platform.  

“By partnering with Cadence, we’re able to provide even more value to our customers and earlier on in the value chain at the design phase,” said Yashar Shahabi, Senior Vice President, Digital Solutions & Technology at Sourceability. “As the industry navigates the current environment where demand forecasting is getting increasingly unpredictable, protecting against supply chain risk has never been more important.”  

Michael Jackson, Corporate Vice President of R&D in the Custom IC & PCB Group at Cadence, said, "By seamlessly integrating Cadence's OrCAD® X Platform with Sourceability's Sourcengine and Datalynq platforms, we have created an end-to-end process that elevates the design-to-procurement journey and delivers unparalleled supply chain insight advantages."  

More updates are on the way in 2024 as the semiconductor supply chain continues to grow and evolve. We’ll keep you up to date with all the latest Sourcengine news in 2024. Have a Happy New Year!

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Sourcengine’s Lead Time Report
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Sourcengine’s Lead Time Report
Strategize for upcoming market shifts through lead time and price trends with our quarterly lead time report.
Download now