Globalization and e-commerce have arguably stripped away many of the boundaries constraining the sale of electronic components. Regional franchises are all but extinct and global customers can better duplicate, port and execute their supply chain requirements across the globe. But silos that separate one unit of a business from the others still exist both internally and externally at electronics companies. The industry isn’t taking full advantage of the internet, experts believe.
So when it comes to initiating a company’s’ digital transformation, the task seems immense. Arrow Electronics Inc., a $23 billion global distributor, began its transition with one business unit, Verical.com, which also touches other divisions within the organization. Verical, which sell electronic components, already, had a number of attributes in place when Chief Digital Officer and President Matt Anderson, who joined Arrow last year, began what he says will be a four-phase initiative within Arrow.
“Verical, prior to my arrival, already had a robust marketplace,” he explained. “It enabled companies that had stock in their own hands to post it, primarily to take care of shortage situations.”
Verical was not the only business of its kind, said Anderson, but it was the only one with its size; breadth and depth of inventory; and traffic. “The key differentiator for Verical is that Arrow does a lot of due diligence [regarding the products it sells],” Anderson said. “The companies posting on Verical.com had to be authorized or provide verifiable certification of the product. Customers want to know that their toys – and their airplanes and their heartbeat monitors – are made with components of incredibly high quality.”
This article was originally published on Verical Connect; to read the full post, click here