In the last few years, our economy has been a roller coaster. Daily, choices must be made to strengthen your company. As a buyer of electronic components, there are many considerations to make to ensure financial security. In this newsletter, we will focus on some key things to look for when searching for a supplier.

Good service and communication are important when dealing with a supplier. It is more often than not that when you call in to a business you will be greeted by an automated message. It is a treat, and a time-saver to have a live receptionist answer your phone call. Customer service is essential from a supplier. From the first voice that greets you, to the time you hang up, you should know that you are the primary focus for the Customer Service Representative. A knowledgeable and courteous staff will make your job a lot easier. It is especially helpful when the Customer Service Department has technical product knowledge, and you can get your questions answered by talking to one person.

Quick problem resolution is another thing to consider in a supplier. When you need a resolution, you need it to be quick in order to avoid a line-down situation and to keep on schedule.Quality materials and meeting safety standards are a must when choosing products. Safety should be a priority, and ensuring products have been tested to meet agency approval standards is important. Having knowledge of approval requirements will ensure that your end product will have no issues getting final approvals. A company that goes above and beyond to ensure quality products that meet agency approval standards is definitely something to seek.

Delivery of your product is another area of consideration when choosing a supplier. Consistent lead times allow you to know when you can anticipate how long it will take to get your product, and when you will need to replenish your stock. This allows you to plan for extended periods of time, and saves money on warehouse and labor costs. Short lead times are another consideration. Some lead times can take several weeks, especially when product is manufactured overseas. Shorter lead times are especially helpful when a change is made, or a project comes up that needs a quick turnaround time.

Flexibility becomes important as your needs change. The ability to expedite a product, or even to delay it to help keep your inventory under control is a beneficial attribute. Also, the ability to have customizations to your product, whether it is a change to the actual product or to the packaging, will reduce labor costs for your company.

Of course, pricing is always on your mind when you are buying products. Competitive pricing is usually the first thing that you desire. Something to keep in mind is that quality products usually have higher pricing. Many inexpensive products are produced in great quantity, while a higher priced cord may be produced in smaller quantities and contain better quality materials.The final aspect when looking for a supplier is minimum order requirements, whether it is a cost or quantity minimum. When getting a fifty cent part from a supplier that has a high minimum quantity order you need to calculate your actual cost. For instance if you need ten parts, and they are fifty cents each with a minimum order quantity of 5,000 pieces, you will spend $2500.00, plus warehousing and labor costs. If, instead, you purchase from a supplier with no minimums that has the part priced higher, say two dollars, you will spend $20.00 rather than the $2500.00 and will reduce warehousing and labor costs as well.

There is a lot to measure and weigh when choosing a supplier. Sometimes, it seems that you spend more by switching suppliers, or choosing a higher priced supplier. However, when you consider the customer service and technical knowledge, problem resolution, quick and consistent lead times, flexibility, and pricing and minimum order requirements, you will probably save money in many areas that will help your company continue to stand strong.

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