Development of China Sourcing
Although China Sourcing is a sure shot success in current times, but for it to be success there are certain norms that a company needs to follow. Top management is required to understand the broader view and only then make a sourcing strategy. Middle level management needs to make sure that the benefits of the low cost strategies outweigh the risks and inventory costs. With, this approach a company can safely invest into Chinese sourcing and make the most out of the low cost strategy and also the innovations Chinese products are bringing into the international trade.
China Sourcing is no more the domain of large corporations. Also, China sourcing isn't just about sourcing cheap from China. However, on your own Sourcing from China can be really a daunting exercise unless you are at ease with it. It requires buyers to go out in the market and face challenges that can be unfamiliar.
It is interesting to see how trends in China sourcing changes; sourcing from China is a major booster for economy at large and for shipping and logistics companies and thus opening a whole new set of vistas. Still it is just another aspect of a retail business that's going global.
Companies like Carrefour has China sourcing for a large range of their products with a 40% cut in expenditure as compared to buying those products from their respective countries. Products like chemicals, basic commodities, packaging, molding, casting, small machining and many other products or components are an important part of China Sourcing. Intelligent companies source only a fraction of their components where they can get the best results, while others are produced in the country. This can be done after a thorough market analysis. One such company is Ford Motors. It is very important to realize that it is not as easy to relocate all the sourcing strategies in a small period of time. In global sourcing, many companies have failed to meet the requirements due to lack of analysis and planning. This was because evaluating suppliers and managing supply chain operations turned out to be a little more complex then assumed.
A company can be convinced of the professionalism by a very attractive website and a very convincing sales proposition. But, the most difficult job is to find good suppliers. It is very difficult for many companies to convince the suppliers. But this is not the end of the struggle. Custom delays and lack of proper communication are also reasons for making sourcing a less appealing option. Language and culture factors are often neglected. A number of companies considered only the cost factor but did not pay heed to factors like communication gaps, language barrier and cultural barrier which later on turned out to be bigger threats than anticipated.
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