Act Now on Shortages
During these tumultuous times where one event after another has continued to impact the longevity of this shortage, you have limited options to secure the inventory you need.
Below are the immediate actions you can take to combat the current market.
Qualify New Suppliers
More than ever, having a diverse portfolio of sourcing partners is key to keeping your supply chain resilient and lowering your chance of experiencing significant impacts on your production line.
Now is the time to secure and approve alternative suppliers and independent distributors, even before there is an immediate need. Approval processes can take time and are a vital step to safeguarding your supply chain.
Look for a shortage inventory partner to have the following criteria:
- Size and global footprint will indicate their connections within the market as well as provide you with around-the-clock support to give you the advantage of making fast decisions.
- Commodity managers who devote their time to assembling comprehensive market intelligence to provide you a wealth of in-depth knowledge and insight.
- Quality control with a stringent component testing and screening process backed by a program heavily invested in engineering staff and testing equipment.
Get a 360-Degree View of the Market
Knowledge is power, but data has no value if it isn’t effectively analyzed, interpreted, and acted upon. Converge’s connected distribution gives you the advantage during a shortage by combining the expertise of our tenured commodity managers and Arrow Electronics’ data science team. Aggregating data points of:
- expected shortages,
- liquidity of excess stock,
- expected availability of obsolete parts,
- past performance of components, and
- latest news alerts around the world
resulting in a summarized and actionable report that not only gives you a 360-degree view, but also gives you the recommendations and next steps to take.
Be Prepared for Market Prices to Rise
It’s not what many want to hear, but it’s the reality we’re in. In today’s high-demand market, you’re competing with large companies that have extensive budgets and simply need supply fast. As a result, pricing is increasing dramatically across the board.
The silver lining is that by acting on the points mentioned above, you will be equipped with a partner that has the commodity managers, the market intelligence, and the expertise to be a true companion and advocate for you throughout this shortage and, more importantly, solve the future.
Solve the Future. Locate parts today!