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4 Straightforward Ways to Avoid the Most Common Procurement Errors

The procurement of the right electronic components, all within budget and to the quality you and your clients expect, is a fine balance to get right. Therefore handing your procurement team the tools they need to streamline this complicated process is essential.

4 Straightforward Ways to Avoid the Most Common Procurement Errors

Sadly, every department makes mistakes, so understanding the common pitfalls that could impact your procurement team can help simplify their work and help propel your business success forward.

Here we’ll explore straightforward ways to avoid the most common procurement errors.

Error 1: Spending above your budget

Whether your team is under a lot of time pressure and they don’t have time to compare prices or their usual range of suppliers are increasing their prices, it’s all too easy for your team to tumble over budget.

The Solution: By switching to an e-commerce marketplace for all your electromechanical parts and components, you can simplify the price comparison process.

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By utilizing the BOM tool from Sourcengine.com, you can simply upload your bill of materials, set your pricing criteria, and search for the components you need without going over your strict budget.

Error 2: Duplicate orders

Businesses move fast, which means orders might need to be placed every few days to keep up with demand. While this is clearly good for business, it can also lead to errors within your procurement team such as accidental duplicate orders, over-ordering, and accidental orders that will cost your business more money.

The Solution: By switching to Sourcengine.com for your procurement needs, you can use their BOM too to ensure communications across your team are kept up to date.

By downloading your orders onto your personal dashboard, individuals can see which orders have been placed and when they can expect them. Helping you streamline the entire process and reducing the likelihood of potential mistakes.

Error 3: Not comparing prices

Your procurement team might be familiar with price comparisons, but if they’re only using a limited number of suppliers, their comparisons might not be very extensive. This makes finding the lowest possible price difficult.

The Solution: Comparing prices online with an e-commerce marketplace makes searching for the right parts easy.

Sourcengine’s extensive catalog of products includes over 5million parts, sold by over 3,000 vendors, giving you a wider search and more options for your budget. You’ll also have access to the latest deals and bulk buying offers from vendors.

Error 4: Not using the right software

It’s common to be dubious about changing the way we do things, especially in business where there are strict processes in place. However, when it comes to procurement procedure, embracing new software such as a BOM system can help you streamline the way you do things.

The Solution: Updating your processes to include BOM software provides you with the opportunity to compare more prices and work with fully vetted vendors and suppliers. This kind of software reduces mistakes and saves time and money across the entire procurement and purchasing process.

Final thoughts

These common errors can easily be resolved by switching to procurement software. Reach out to Sourcengine.com for more information. 

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