Dmytro Shervarly, one of SourceMe’s co-founders, has been its CTO since the company started, almost exactly one year ago in June 2020.
The idea of SourceMe was born when the founders met their investors from the world of industrial components, in the Antler start-up accelerator in Stockholm.
The Investors and the founders identified the problem in the machine manufacturer business: while in the electronics world there are many sourcing platforms (just to mention one; Ready Solutions), there are in comparison few websites that tackle these problems for industrial components, and none of them as strongly. There was a need in the market for a digital platform where machines companies could connect with component producers.
While there are websites that list every supplier in the industry, more like a directory, SourceMe's starting point was to have a selected plethora of companies that were carefully checked and vetted for. A market analysis showed that procurement engineers value the company’s reputation and reliability enormously, especially if compared to other fields.
“In other platforms, there is no reassurance about the specific companies but it’s more like an index: there is no control regarding registration numbers or certifications - explains Dmytro - SourceMe instead provides a thorough check. Are these companies just people in a basement pretending to be a real company, or are they a reliable source for industrial components? Because of the investments involved and the technical specifics of these products, engineers cannot and should not take any risks in the buying process. That is why we created SourceMe”.
Another fundamental element for the industrial market is the many filters needed to identify the components' specifications; something that before SourceMe was completely amiss in the digital world.
“There are tools online for procurement and engineering, but not a platform where you can compare, choose and buy from at the same time. That’s new - says Dmytro - We have a lot of powerful filters for our attributes, where you can compare the different products. Other websites have comparisons, but they don’t populate the platform with all the attributes, which are fundamental in this field. These filters are essential to make a proper evaluation and selection of the component for various applications”.
SourceMe is particularly focused on business relationships between procurement engineers from medium-sized companies and industrial manufacturers. Since smaller companies often don't have purchasing departments, it's the engineers that buy pieces directly and they need more assistance in the buying process.
They needed a website where they could get help in finding the actual components, but also be aided with communicating with the suppliers in a faster and smoother way.
Communication between engineers and manufacturers is at the core of SourceMe development and constant evolution; as Dmytro says: “Other existing platforms for industrial components send you back to the website of each producer; but big manufacturers don’t sell on their own websites, they want to send your inquiries to distributors. Then you need to find a distributor that is local to you, and that can take up to three days, or more. For example, I just made a request to a big german manufacturer for a quote, it took a few days to get an answer which said that my inquiry had been forwarded to a distributor. And now I’m still waiting for this distributor to contact me. This is very inefficient. We are still looking for the most feeble parts of this process and we are eager to fix it. That is why in SourceMe this communication is implemented in the platform itself. We also recently added a product configurator, that helps engineers to select the right specs for their orders, and then their quote gets sent directly to the supplier. The product configurator is a step forward in improving the communication between engineers and producers”.
SourceMe is all about communication and saving time (and money!) to all parties involved.
“For example, we looked into minimizing the number of clicks a person needs in order to read information about the products and suppliers,” explains Dmytro.
The manufacturer pages are more important than your average sector, and it is something that has been in focus while developing SourceMe’s website.
“In the component industry, I need to know what I’m buying and from WHO I am buying - says Dmytro - Because it is a B2B industry, and the transactions involved are very high they need to do diligent checks and checks regarding conflicts materials, certifications, shipping times, etc.”
In conclusion, for machine builders and procurement engineers, SourceMe offers a selection of trusted suppliers and a quick and easy search for components. And to not be forgotten, a streamlined process for inquiries faster and painless than your average communication.
For manufacturers, the benefits are streamlining of the inquiry process and getting leads for new clients. Moreover, producers can increase their digital presence through their page on SourceMe, both with a company description and product window.
“Smaller manufacturers don’t have a lot of IT capabilities: they can’t invest in a website that has proper analytics, or that it’s constantly up to date. This requires time and resources. This is what we do at SourceMe; we provide an online store that they would not be able to have otherwise - says Dmytro - Sometimes we rank on top in Google search, while compared to smaller manufacturer websites, because we dedicate a lot of time to our SEO and online presence. The product showcase is also a big benefit because on their website they do not sell it directly but we want to offer that. The next step will be to implement actual payments on our platform as well”.
If you want to know more about SourceMe and explore new business opportunities by joining our platform, contact us today through our website!
Article by Eleonora Cugurullo