The eBook also includes a new ROI calculator to see the return on investment that implementing APIs can deliver.
Digi-Key’s APIs prvide a complete digital platform for customers to automate and streamline procurement processes while providing real-time product information to procurement, engineering and design teams.
The APIs are free to use, and digitally connect customers’ systems with the Digi-Key system to provide automated, real-time product search, price and availability, quoting and ordering, barcode, product change notifications and more.
Customers who have utilised Digi-Key’s API calculator have seen an average of $50,000 to $100,000 in cost savings by implementing API solutions.
“Speed and access to information and data are critical in all forms of electronic product design and procurement, and an organisation’s time-to-market can mean the difference between a successful and marginal product acceptance,” said Nathan Pray, senior digital product owner for Digi-Key. “Digi-Key’s API solutions provide a competitive advantage to customers by streamlining the purchasing process and enabling procurement, engineering and design teams to all receive critical real-time information on products they need at lightning speed because it’s automated through machine-to-machine connections. Customers using Digi-Key’s API solutions save time so they can bring products to market faster and more efficiently, which boosts revenue.”
Fremont, California-based Sonic Manufacturing Technologies provides in-house board layout, prototyping and New Product Introduction (NPI) through full production in as little as five to 10 days. That speed to market necessitates a digital procurement strategy that not only enables a streamlined supply chain, but also supports good internal communication and collaboration.
Every week, Sonic orders about 1 million parts to support its production line.
Using Digi-Key’s APIs and cloud-based procurement platform, Sonic has been able to automate 50% of its purchasing activity without adding staff.
The team now focuses on more high-value activities such as selecting the best sources for the 60,000 line items the company buys annually; coordinating with engineering and design departments; and maintaining high customer service levels.
Using Digi-Key’s APIs and cloud-based platform, Sonic’s cost to place an order (total landed cost) was reduced from a previous $40 to a current $9.
While not every company will achieve 60% savings, even 20 to 30% savings on procurement costs of $400,000 each year will result in significant savings.