Identifying the right component
It may seem basic. But, in case of imported parts, it stands true only if you are fluent in German, Japanese, Spanish etc.Yes, language is only the first barrier. There are many more. For instance, every company has its own methods of listing components. It is not uncommon to have different part numbers when you are ordering from OEM and directly from Dealer/Agent/Manufacturer of the part itself.
Identifying the right components requires engineering expertise!
When importing a high-end spare part, it is therefore very important to understand the underlying technology of the part – and not base it just on the part number.
Finding a reliable supplier
Suppliers may not default by intent but there could be situations. It’s not rare for global suppliers to send anything between a wrong part to inadequate supplies and then not own it. In these or similar such situations, Customers are stuck badly and the ensuing legal or commercial allegations are a lose-lose situation. Unfortunately, there is no shortcut.
Supplier relationships, especially for imported parts, takes years to build and retain.
While the average experience might be good…. for those who’ve had a bad experience…they are the ones that exercise the extreme caution.
Negotiating the right price
This is the most tricky part. First, most of the suppliers, especially those in the Europe are not keen to negotiate – even after providing references of lower prices from competitors. It’s just a way of doing business in those markets. For most of us based in India, there is no finalisation without negotiation. If you are pressed for time, the situation is even more critical. So, there is a trade-off in searching for possibility of an alternate, cheaper source and buying the part now at a possible premium.
You are racing against time and negotiations add to the time to source the part.
We feel information is a negotiator’s greatest weapon. So, try to get as much information as possible, and as fast as possible.
Managing the fluctuating currency
Sourcing with a leverage of right currency fluctuations is an art. Not everyone is an expert at this art. But with experience and some hard earned wisdom – you get the art right. It may take anywhere between couple of months to several years. It’s all practical – and very little theory. While sourcing you need to be aware of the nuances of currency fluctuations, supplier’s pricing conditions, and your corporate policies.
What you earn in negotiations and discounts can very well be lost in currency exchange mark-ups…
Best price will come with the right timing and rules one has learned from years of experience in handing such deals.
Omkar Engineering helps to eliminate all these risks.
Our Sales representatives are qualified engineers and are trained for in-depth knowledge of underlying technology. We have fully verified base of suppliers with stringent sourcing contracts to minimize the risks of the buyers.
With years of experience in the field, we understand how the currencies behave and help you to effectively manage the risks of fluctuations. Above all, we offer all this is a part of our solution, by default.
