Global Sourcing In India

July 6, 2011 - PRLog -- What is global sourcing?
Sourcing is a process which develops identity and utilizes the best source of supply for businessman around the world. In other word you can define it as a strategic procurement concept in view of international focus. It deals with a cross-borders search to find suitable suppliers fit with specific quality, price, requirements and time.
Rise of Global Sourcing:
(1) Undoubtedly global sourcing is rising day by day around the world.
(2) Developed countries like U.S.A., U.K., FRANCE, GERMANY and other imported about $1.3 trillion worth of goods and services in 2001.
(3) Savings of most of the companies has continuously been recorded about 10% to 35% by sourcing from low-cost-country suppliers like India.
(4) Let us see what exactly does global sourcing settle?
Settlement done by global sourcing:
(1)   Global sourcing settles negotiations, identifications, evaluations and configuring supply around the world at different destinations in order to reduce maximize performance, mitigate risks and costing.
(2)   Global Sourcing plays a key role in the area of management and control of the total cost of ownership (TCO), Total Cost Management (TCM) and process framework for the optimal alignment.
Real Settlement being offer by Global Sourcing:
Concept of global sourcing is directly based to study and implement the decisions taken by IT infrastructure and management of companies to balance the risk, performance and cost. These factors becomes more important when we talk ok “hidden” cost and its variability at different destinations such as complex inventory stocking and handling requirements, cross-border freight and handling fees and a multitude  of documents and regulatory compliance requirements.
Global Sourcing Factors:
Global Sourcing contains following six factors:
(1)   Cross-borders taxes, tariffs and duty costs.
(2)   Material cost.
(3)    Supply and operational risks.
(4)   Transportation cost.
(5)   Supply and operational performance.
Role of supply managers:
(1)   Supply Managers should have skill to handle trade regulations, tariffs and geopolitical landscapes.
(2)   Supply managers should know enough about International Commerce Terms and Harmonized Systems (HS) code.

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