The electronics component supply chain is incredibly complicated, and the continuing addition of suppliers, vendors, and manufacturers in a global marketplace only adds to that complexity.

As an electronic component manufacturer, or distributor, you may be wondering: “what is the best way to organize my component database to ensure accurate, updated data that provides for the needs of my company?”

Electronic Component Database

Ideally, an electronic component database has the ability for full-cycle, automated, real-time updates of information including inventory, pricing, and availability of components, incorporating RFQ and PO processes as well for a complete, end-to-end picture of the supply chain.

A database that has full-cycle, automated, real-time updates is vital for reporting, data analytics, forecasting, and inventory management activities.

The initial consideration should be the implementation of electronic data interchange, which enables the transfer of information between partner companies without requiring human intervention to translate from one system to another.

Related: 3 Considerations for Managing Your Electronic Parts Catalog

For an electronic component database, the data interchange system needs to be platform-agnostic and compatible with any and all partner systems including spreadsheets, so that data can be translated to a single format and stored in a centralized location.

The most useful database integration systems also automatically update information to the database, ensuring real-time, accurate changes to inventory, requests, and orders. It also needs to track additional dynamic details including pricing and availability, as well as information regarding past interactions and existing contracts with partner companies. These features allow for more strategic and efficient management of data complexity for the procurement cycle.

With Orbweaver Connect, your company can access electronic data interchange without the expense. Connect is a universal integration platform created specifically for the electronics component industry, that can communicate with any partner system, translating the input to a single format for superior data warehousing and analytics.
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Human intervention is not required to transpose data from one system to another, a time-consuming and error-prone process. Connect is an integrator that adapts and transmits data from different systems to make communication easy and automatic, to maximize efficiency and productivity while reducing errors.

Additionally, Connect is secure and reliable, eliminating the need to transmit data via unsecured methods such as fax, mail, or email.

Electronics component manufacturers and distributors rely heavily on the RFQ process to complete business activities. The same issues persist, however, with inefficient manual processes. An RFQ and PO processing automation solution that speaks to the components database for real-time, accurate updates is the ideal solution for the electronics industry.

Orbweaver Advance has RFQ and PO automation capabilities that can save your company time and resources, making processes more efficient and providing end-to-end cycle overviews with real-time adjustments to your components database for data accuracy.

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To learn more about how to organize your electronic component database, schedule a free demo with Orbweaver today.

Sources:
https://www.statista.com/statistics/728180/worldwide-cpos-view-on-automation-and-robotics-impact-on-the-procurement-functions/
https://www2.deloitte.com/us/en/pages/operations/articles/chief-procurement-officer-survey.html