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Smart steps for better BOM management

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Managing your BOM usually means stepping away from those complicated spreadsheets and working harder to maintain stronger lines of communication throughout your business. Sadly, without the right tools in place, this approach can feel more like an uphill struggle than a positive change.

Understanding the needs and requirements of your teams is an essential part of the buying process, which is why more businesses than ever are turning to BOM tools and online marketplaces to source their component parts – such as SRAMs by SK Hynix – effectively. In this post, we’ll explore some smart steps you can take for better BOM management and how utilising a BOM tool can give you better control over the purchasing process.

Step 1: Upload your BOM list

Handling the procurement process is often a painstakingly slow procedure, whether you’re looking to source a handful of components or you need thousands of electronic parts to fulfil an unexpected client order, the quicker you can move through your BOM the better. This is where utilizing a BOM tool can already make your life easier. By simply uploading your BOM list to Sourcengine, you’ll have immediate access to over 550 million electronic components from over 3000 vendors – all of whom have been fully vetted and provide fully traceable parts.

Step 2: Decide and set your search criteria

Once you’ve uploaded your BOM list, you can begin your search for your components. Setting your criteria is your next step towards better BOM management. Whether your search is entirely dependent on price, if you have a specific delivery date in mind or you’re looking for a supplier who meets your specific packaging criteria, you’ll be able to search for what you need within seconds.

Step 3: Compare results effortlessly

Once you’ve set your criteria, you’ll be able to then compare your results with ease. Reducing the time and the complications that come with manually comparing suppliers from multiple locations. Not only will you get a list of prices that meet your search, but you’ll also have access to real-time data, which means the latest prices and deals will be included in your component search results.

Step 4: Schedule your delivery

Managing multiple deliveries over several weeks, or multiple locations can make managing your BOM incredibly frustrating and overwhelming. When you utilise a BOM tool, you’ll find yourself in much better control of your deliveries and have better flexibility over arrival times and your entire supply chain.

Step 5: Keep the rest of your company in the loop

Communication within your business is key to your success. A poorly managed BOM and procurement process can lead to many issues within your company, including duplicate orders, mistakes in the procurement process and excessive spending. When you use a BOM tool from Sourcengine, you’ll have the ability to download your latest orders and share them across your company. Bringing clarity and references that are easy to understand and access.

Final thoughts…

If you want better control over your BOM and a streamlined procurement process, switch to an online marketplace and utilise a BOM tool as soon as possible.

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