Inventory System Just for Repair Centers?

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.

  • Time Sensitive RFQs
    All RFQs on the Inventory system are time sensitive, meaning buyers set the response deadline so users get quotes back in hours rather than days.

  • Approved Vendor RFQs
    It's common for repair centers to be restricted to buying parts only from companies that are on their customer's approved vendors lists. This system allows repair centers to upload their customers' approved vendors lists, so RFQs only go to sellers flagged in the customer's approved vendors list.

  • Work Order Reference Tracking
    Shops input their Work Order Reference Numbers prior to sending out RFQs so they can quickly and easily refer to them during and after the auction process.

  • PO Acknowledgement
    When a buyer clicks the "BUY"button an email goes out containing their PO number and all their shipping details. The sellers receive the email which contains a button that allows them to immediately confirm receipt of the PO, so the buyers is confident the PO has been received.

  • CODs and Certs
    If a seller specifies that the buyer must pay COD, the seller is obligated to provide all documentation at the time of sending the quote. This saves buyers from placing POs for parts, paying for parts when received, and then later learning that all the documentation isn't sufficient.

  • Auction Early Termination
    With one click buyers can close an auction early and make a purchase immediately.

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:

  • Just checked it out, this is outstanding. I get to see everyone's quotes in real time!
  • Love it! The145.com will be my go-to when I need to make a purchase!
  • Just got another one that matched my target price. BOOM! Doesn't get easier than this.
  • The system is better used for easy to find parts with lots of suppliers. Not very good for hard to find parts.
  • I was very surprised at how easy it was to sell parts through the system. I was able to sell parts for a lot more than I expected.
  • Nice to get real RFQs instead of companies just pricing us out.