Smart Ways to Save on Your Procurement Process

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Procurement Process

As a growing business, every penny and every saving is vital against a tide of rising costs. They’re your lifeline as you navigate the choppy waters of entrepreneurship. Therefore, looking for ways to save money on as many of your processes and resources as possible is a smart move. And while many OEMs look at saving costs amongst their workforce, or via administrative costs, others take a more practical approach.

Did you know that your procurement process could be costing you vast amounts of revenue? And wasting valuable resources? Perhaps you feel trapped between the same local suppliers, or maybe you’ve done business with the same merchants for so long, you feel a sense of loyalty to them – despite the rising costs. Interestingly, updating your purchasing process could be the key to not only unlocking tied up revenue but also streamlining your entire enterprise, with higher quality results, happier clients and more revenue. In this post, we’ll explore some smart ways to save on your procurement process. Read on to find out more.

Move to an Online Marketplace

Whether you’re looking for an inventory of Molex LLC electronic components, semiconductors, capacitors or oscillators, if you’re in the habit of scouring your local merchants for your specific requirements then it’s time to take a step back. By switching to an online, global marketplace to source your components, you’ll not only have a better choice, but also the ability to search for electronic parts within your budget. Preventing you from overspending or panic buying as you rush to get out that later order.

Choosing an online, global marketplace means access to like-minded vendors, who have been carefully selected via a thorough vetting process, to supply component parts and electrical components worldwide. As a buyer, you’ll be in better control of where your parts are coming from and be rest assured that anything you purchase is fully guaranteed.

Source to Your Specific Budget

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By using the BOM tool provided by Sourcengine, you’ll be able to source your components – in any quantities – to your specific budget. By utilising real-time data, you’ll also have access to the latest industry deals and prices, which means no more missing out on savings during the purchasing process.

Source What You Need – Quickly

In any business, time is money. But as an OEM, every minute you don’t have the parts you need, the more resources you’re wasting and the more revenue you’re missing out on. By updating your procurement process and moving to an online model, you’ll be able to source the parts you need within minutes and monitor the entire process as the parts make their way to your warehouse on the agreed time. This kind of efficiency will not only save your business money but also improve the experience of your clients, who’ll trust you to meet their exact requirements and spend more money with you.

Final Thoughts…

Updating your procurement process is an efficient and effective way to save your business money and increase your revenue. Apply the points above to your business as soon as possible.

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