For OEMs, the COVID-19 Pandemic Highlights the Importance of Big Data
Every major decision in business or otherwise in the 21st century is driven by data. Today more than ever, we are seeing this at the federal level of the U.S. government, which is desperately trying to increase COVID-19 testing to have a clear picture of what its next step might be, whether that is to reopen the economy or continue with the lockdown. Especially during a time of uncertainty such as the one we are currently navigating, access to comprehensive, accurate data is the only way to determine what options are available moving forward.
In many ways, electronic equipment manufacturers operate under the same mentality. Especially in times of significant supply chain constraint, only through the thorough analysis of comprehensive, accurate market data can an electronic OEM make a decision to place orders for necessary electronic components, determine if alternate components are necessary, or even transition their product toward obsolescence in favor of a product with greater profitability.
The ability to acquire such data, however, not to mention analyze it, is beyond the scope of many OEMs’ abilities. In some cases, the data on hand is limited by what one individual or small team can acquire on their own terms, which paints a very narrow picture of the current state of any given market. In order to get an accurate, top-down market view, an investment in Big Data is usually required. In most cases, this is an expensive proposition, and one most procurement teams are not capable of taking advantage of due to limited resources to properly analyze it.
What is not beyond the realm of possibility, however, is the use of Partstat’s industry-leading Data Integration Solution featuring Partstat’s API. Comprised of over 50 billion data points from thousands of manufacturers and global authorized channel partners, Partstat’s API provides everything needed to determine an accurate state of the market for each individual component on an OEM’s bill of material. Tens of millions of data sheets, order quantities, component lead times, pricing, product descriptions, packaging protocols, and much more are included with API access, and all data requested will be available for viewing in the industry standard JSON format. Furthermore, the Partstat API is flexible and can be queried with the programming language of choice. Once directly integrated into the OEM’s ERP system, the OEM will have the ability to instantly search and receive details on parts from component manufacturers and the world’s most trusted authorized distributors.
Access to Big Data does not have to be restricted to only the largest OEMs, nor does it require a significant investment to be accessible. Partstat’s Data Integration ensures that manufacturers can have access to the data they need to properly plan and make the decisions necessary to move forward in this difficult environment.