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India is gradually emerging as one of the most competitive supply markets in the world in Best Cost Country (BCC) sourcing. Superior supply chain performance, consistent quality, relentless development of infrastructure, availability of skilled workers, manufacturing abilities, and various other elements are contributing to the success of India as a reliable sourcing destination.
In this era of cut-throat competition, every business is proactively looking for ways to enhance performance and expand its reach to new markets. Sourcing from other countries opens a plethora of opportunities in terms of gaining a competitive advantage, curtailing costs involved in the production, enhancing product quality,
In this era of fierce market competition, keeping up with quality standards is imperative for businesses to maintain a good reputation among customers. Besides financial advantages, companies are now shifting their focus to dependable quality goods suppliers abreast with domain knowledge and necessary capabilities.
Every industry irrespective of size proactively looks for opportunities to reduce production costs and expand its gross profit margins. For this reason, sourcing and procurement services have gained momentum in recent years. However, apart from lower costs, various other factors such as availability of raw materials, workforce, language, ethics, government policies, etc. greatly impact supply chains.
When buying a product, quality is the first thing that comes to mind. Nobody likes to buy anything of poor quality. The only way to ensure this is by putting in place a robust quality inspection mechanism in the procurement and sourcing process.
With increasing pressure on companies by various regulatory agencies, it is time responsible companies proactively work to create sustainable supply chains.
No company can engage in high efficiency, high productivity business with a poor supply chain, which could be the proverbial weak link prone to disruption.
Procurement, Purchasing and Sourcing are all distinct activities though the terms are often interchanged in usage.
Every business or organisation that provides goods or services, needs to buy or procure various things – machinery, spare parts and consumables – or even services.
A robust supply chain for sourcing of equipment and other services is essential for running a successful enterprise. Strategic sourcing is the foundation of a good supply chain and it is important companies pay adequate attention and devote enough time for this critical business requirement. Unlike tactical sourcing, which is about buying something, preferably..
When it comes to Sourcing, there are many types and models used by different companies for their supply sourcing needs. The two broad types are in-house model or Insourcing, where a company does its own sourcing with in-house staff or through a group company; and the outsourced model or Outsourcing where it relies on an external agency to fulfil the requirements.