It may seem hard to believe, but it's true, The 145 released a beta version of a new inventory system back in July of this year that was built exclusively for repair centers. Now that the beta testing phase is coming to a close, the company has announced the system will go live to all users beginning November 1, 2017. You may be asking yourself "How could this system possibly be different from all the other inventory systems out there?" In all honesty, it's very different and it's very efficient. As far as we can tell, there isn't another working inventory system out there that can hold a candle to this one. Here's a look at how the system works, what makes it special and what customers are saying.
How's it different?
This isn't your traditional inventory system where suppliers list their part numbers and buyers search for availability. The 145's inventory system is built on a reverse auction platform, which means the roles of the buyer and seller are reversed. In a traditional auction, buyers compete to purchase an item and as a result the price of the item increases with each buyer's bid. In a reverse auction, however, the opposite occurs, so the more sellers that participate in the auction the less expensive prices become. Buyers tend to benefit most from this type of system because it forces sellers to submit competitive prices relative to their competitors. Additionally, buyers can set their target price, and purchase criteria, which gives them more control over the buying process. When a buyer has parts they need to buy, they simply specify the required part numbers, descriptions, quantities, condition, trace, lead-times and target prices. Once that's done they just click "Send"and kick back and watch the show - as sellers work to meet their purchase criteria.
What makes it special for shops?
During the building of system, The 145 went out and visited several repair centers asking them to identify inefficiencies within their parts procurement processes that were negatively impacting their Turn-Around-Times. The shops were instrumental in helping pinpoint six items to reduce TATs.
Maximize Profit Margins
Reverse Auction platforms, by nature, foster competition which results in better prices. The more quotes submitted, the more competitive prices become. Of the auctions that have been processed through the system to date, buyers have achieved, or exceeded, their target prices 60% of the time!
WHAT ARE PEOPLE SAYING?
The company intentionally limited the number of buyers during the beta testing phase to help tweak and refine the system to the point it could be opened for more buyers to use. Here's what users are saying:>