Another year in the books! 2023 will soon be coming to a close, and with its end drawing near, let’s reflect on everything Sourceability accomplished throughout the year. Despite the trials and tribulations of remaining electronic component shortages and excess inventory challenges, we’ve reached new heights and achievements!
This year, Sourceability ranked #16 on Supply Chain Connect’s Top 50 Electronics Distributors. We continue to move up each year and plan on doing so in 2024! With our fantastic team and their dedication to developing innovative solutions for our customers, we’ll continue to bring new ideas to the electronic component industry.
Sourceability also gained recognition for our continuous growth for the second year in a row! We moved up on the Inc. 5000 Fastest Growing Companies in America list this year, once again joining the ranks of some of the most remarkable companies in America. We look forward to another year of growth and, fingers crossed, ranking on this prestigious list for a third time.
As a great cherry on top, Sourceability earned not one, but two awards at AspenCore’s Electronic Component Distributor Awards program at IIC Shenzhen 2023. The award program honors distributors for their outstanding performance and positive contributions to the electronics industry and this marks the fourth year in a row that Sourceability has received such honorable distinction. Sourceability received the “Outstanding Independent Distributor” award and “Outstanding Supply Chain Service Provider” award this year.
2023 was a bit of a wild ride for the electronic component industry. After several years of an overwhelming global semiconductor shortage, the industry was rocked by an equally detrimental glut of excess. To help our customers overcome these challenges, Sourceability released several tools to help tackle any problem your company might encounter.
Quotengine’s Excess Estimator swooped in to help mitigate excess inventory issues. Based on current market prices, the Excess Estimator has been helping companies discover what they can sell their excess electronic component inventory for. Once users have a price estimation, they can sell their surplus on the leading e-commerce site for electronic components, Sourcengine. Users have been putting their excess components up for sale for hundreds of thousands of professional buyers to see and purchase.
Sourcengine’s Order API got a massive update for those needing strategic sourcing tools to help optimize their procurement process. Sourcengine’s Order API allows businesses to research, quote, purchase, and schedule electronic component orders without ever having to leave their internal ERP/MRP systems. Thanks to partnerships with solution providers like CalcuQuote, users can always find the necessary information they need.
Sourcengine can now travel with you! The Sourcengine Browser Extension can help you compare electronic components' inventory availability and pricing trends no matter what distributor website you visit. Leveraging Datalynq’s market intelligence from Sourcengine’s real-time data, users can quickly uncover which distributor holds the most inventory for their hard-to-find components.
Sourceability accomplished all of these feats and much more over 2023! With 2024 on the horizon, we’re ready to get a head start on our New Year resolutions. Want a sneak peek at our goals in 2024? Here are our top 4 New Year Resolutions for 2024.
Our social presence continues to soar! On LinkedIn, we’ve been hard at work updating our followers with the latest in company news, market trends, and industry events. We've shared vital information from thought leaders to help keep our clients aware of disruptions and breakthroughs alike.
We plan to continue sharing developments within our company and industry with a greater audience in 2024. That means reaching an impressive goal of 20,000 followers. We’re nearly there and think we can achieve this goal in 2024 and shoot for the moon!
Many OEMs, CMs, and EMS providers wound up with excess electronic component inventory, whether from sudden consumer demand declining, double-ordering, or a combination of multiple factors. Signs of excess inventory reaching a peak are slowly beginning to trickle in, and thanks to the popularity of generative AI helping sustain some demand, mitigation attempts are working slowly but surely. Excess inventory challenges are expected to continue into 2024, and we plan to keep helping our customers sell their surplus with our Excess Estimator and Sourcengine.
But excess inventory woes might not be the only supply chain challenge in 2024. Shortages for legacy components remain, and with the explosion in popularity of AI, excess might bullwhip right back into another, larger shortage. To help our clients source their components, we plan to continue improving our Sourcengine API platform and the Sourcengine Browser Extension to help users stay on top of market shifts and supply chain disruptions.
In October 2023, we announced an exciting new chapter in Sourceability’s journey, our strategic partnership with Cadence Design Systems Inc. Under this agreement, Datalynq, our market intelligence tool, will be integrated into the Cadence OrCAD X Platform to help give design engineers visibility into the electronic component supply chain with intuitive market scores that assess design risk and part availability.
We’re only just beginning to dive into the realm of possibilities this partnership can offer, and we’re confident that innovative solutions guaranteed to help our clients succeed are just around the corner. Sourceability is continually impressed by Cadence’s leading-edge system design tools, and we can’t wait to provide value to our customers early in the design phase with their help.
Over the last year, Sourceability has continued to develop and offer new programs and applications to help our users at any point along the supply chain. We released the Excess Estimator to help companies determine the maximum return they can obtain by selling their excess inventory for free. We updated our API system to help users strategically plan and source components within their ERP/MRP systems. We unveiled SourcePortal, allowing offline users who purchased through their Sourceability sales representative to track and view all previous and current orders through Sourcengine’s e-commerce site. We launched the Sourcengine Browser Extension to bring awareness to procurement teams as they browse distributor sites, examining inventory levels and pricing trends.
These tools and updates were developed to help our users navigate the ever-evolving global electronic component supply chain landscape. 2024 is coming with its own challenges and opportunities, and we want to equip our users with the best toolkit available to come out on top. We’ll continue to update and add to our digital tool suite throughout 2024 to help our users digitalize their organization to reap the rewards of increased process optimization and time efficiency.
From everyone here at Sourceability, we can’t wait to see you all next year. Have a happy New Year!