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Simple Yet Valuable Ways a BOM Tool Can Improve Your Purchasing Process

Ask any procurement team and they’ll tell you that managing inventory and handling orders isn’t as easy as it sounds. Assessing suppliers, managing costs, sticking within the company budget, quality checking, negotiating contracts, placing intricate orders, and communicating all this across other departments is certainly challenging. It takes training, patience, and the ability to work under pressure to manage this role effectively and to keep the supply chain moving.

Interestingly, more procurement officers than ever before are discovering the benefits of BOM tools and implementing them into their purchasing strategies. This valuable piece of software can compare prices, source the best deals, and even help procurement officers communicate this data across multiple departments. It may sound simple, but a BOM tool could be incredibly valuable to your business – click here to buy your bill of materials.

Want to know more? Read on to discover the simple yet valuable ways a BOM tool can improve your purchasing process.

It makes the process faster

The idea of putting together an order of component parts and listing every wire, every LED, every switch, or microchip is a painstakingly slow process, especially if there are multiple orders to fulfill, you’re expanding your product portfolio, or a machine has broken down on the production line and it needs replacement parts. But with a BOM tool, your procurement officers can streamline the entire process.

Purchasers can upload their own BOM to the tool within seconds and the quoting tool will get to work, sourcing the parts you’re looking for from an impressive library of over 550 million parts, supplied by 3000 independent and fully verified vendors.

Comparing prices is a breeze

Comparing prices and remaining within budget is a tricky balance for procurement officers to get right. Especially when quality and the immediate availability of electronic components are put into the equation. Traditional purchasing processes often involve comparing prices by hand and vetting suppliers – a wholly time consuming and frustrating experience. Thankfully, utilising a BOM tool means you can easily compare the prices of every component on your list, using your set search criteria to help you find the parts you need within the price that’s right for your business. And as every vendor on Sourcengine is fully vetted and only provides fully traceable component parts, procurement officers will be able to shop with confidence.

Quality is guaranteed

Sourcing the right parts is one part of the role, but ensuring they’re of the best quality is another sticking point. The last thing you want your business to be attributed to is poor quality component parts, as this could damage your reputation.

When you use the BOM tool from Sourcengine, not only will you have access to fully checked suppliers, but every part supplied comes with a 3-year warranty as standard, making sourcing your component parts even easier.

Final thoughts…

Streamlining the procurement process, won’t just benefit your purchasing officers, your entire business will benefit from working with reputable suppliers, high-quality parts, and stronger levels of communication. Start using a BOM tool today. 

David is a technology specialist who has been writing about business, technology, and IT-related topics for the past 6 years. He loves working with brands to develop content that helps them connect with their target audience.