Millennials are changing the way components are being procured!
What Millennials are and why they are so important? The Generation “Y” kids whose growth is in parallel of modern technology growth are called as Millennials. They are tech savvy and knows how to utilize new technologies at the extent.
The average age of middle management in corporate jobs is between 29-35 as the workforce demographics are largely changed to Millennials particularly in middle management. Millennials already form 25% of the workforce in the US and account for over half of the population in India. It is estimated that By 2020, millennials will form 50% of the global workforce.
The increase of millennials in middle management have changed the typical ways of works carried out in corporate and any other industry including Electronic Component Sourcing.
Electronic components are no longer being sourced by reviewing the 500 pages of catalogue presented by component distributors. That is an outdated and lengthy process. Millennials are very much comfortable on using internet for their sourcing needs. Nowadays most of the initial research and selection of the components are being done online
Near about 70% Millennial component buyer’s uses component manufacturer & distributors sites for information, sample, pricing as well as procurement.
They are smart, savvy as well as impatient who quickly move to another supplier/vendors if their expectations are not being met.
In electronic industry, small entrepreneurs to big scale industries needs Components and different parts for the procurement of their product. Many times these companies run out of stock and has no other option than waiting for their vendors to provide those parts in their convenient Lead Time. The need of buyers now is to get genuine components online at shortest lead time that too at reasonable prices.
At IodParts we provide Real Time information of component inventories to buy. At IodParts, Finding, Researching, and Purchasing Electronic Components is hassle free through a search centric application with Part number. Millennials loves to work smart and that is the reason we reduce their efforts on verification of quality.