How To Save Money On Sourcing Component Parts

how to save money sourcing component parts

As a business, keeping costs low without hindering the quality of your end product is a difficult balance to get right. Thankfully, when it comes to sourcing electronic components, you don’t always have to compromise on excellence. Often, taking your search for component parts online can guarantee you the best price and utilizing a BOM tool from can give you the confidence you need to shop for the right parts at the right price. 

So, with this in mind, let’s explore how you can save money on sourcing your component parts, without conceding the high quality that your customers have come to expect. 

Stop searching through product catalogues Whether you are in charge of sourcing these components yourself or you have a procurement team dealing with this on your behalf, trawling through endless pages of extensive catalogues is both time consuming and doesn’t guarantee you the best price. You may spend time cross-checking and comparing prices, only to head into a store to compare other retailers’ prices. This approach means that the process is never-ending, and ultimately, if time is of the essence, you are more likely to give up before finding that elusive cost price. 

By using a BOM tool, you will be able to compare prices across thousands of different manufacturers with just a few clicks, making the sourcing of these parts efficient and cost-effective. 

Let The Deals Come To You 

Whilst comparing prices, you may be on the lookout for the right deals, or you may be holding off placing an order so you can take advantage of an annual price drop with your current supplier. This is a complicated and unreliable process that ultimately, won’t save you as much as you would hope. By switching to an online search and using a BOM tool, you will have access to millions of component parts across thousands of suppliers, and by using real-time data, you will have instant access to the latest deals and offers available that day. It really is that simple. 

Keep Within Your Budget 

Your procurement team will have a strict budget to adhere to, especially if you are conscious of keeping your overheads as low as possible. However, in your desperation to fulfil an unexpected order, or to find the right replacement part for a machine on your production line, it is all too easy to leave those budget requirements behind. By using your BOM tool and sourcing your electronic components online, you will be able to set your specific budget criteria using a clever search tool. Results shown will be those that match your requirements, whether they are all about price, delivery date, packaging conditions or even the type of supplier you wish to purchase from. 

Put A Stop To Duplicate Orders 

Often, poor communications and a complicated ordering process can lead to duplicate orders - this costs your business time and money, and leaves your employees frustrated. By searching for your components online and using a BOM tool, you will be able to download a copy of your completed orders, and then share them with relevant employees to ensure everyone is on the same page. 

Final Thoughts On Sourcing Component Parts

Saving money on your component parts is easy when you decide to shop online. Keep the tips outlined above in mind to make smart purchases on component parts.

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