what is global sourcing for production
Answers
Answer:
Global sourcind
Explanation:
Global Sourcing is a procurement strategy used by businesses wherein goods and services are sourced from the global market to obtain the highest levels of efficiency possible. The goal of Global Sourcing is to lower production costs while maintaining the exacting quality standards required for products and services. Another key consideration is to confirm that the value pricing, quality, and deliverability is sustainable for the long-term.
Over the last several years, China has led the world in manufacturing production and value. Labor costs are significantly lower in China, yet production quality is extremely high. That’s why China parts sourcing has been, and continues to be, the most popular way to have component parts manufactured for many top US-based companies. However, due to the recent tariffs imposed on products from China, India product sourcing is starting to emerge as a viable alternative to China factories.
Global sourcing involves more than just searching for products globally. It is also an effort to improve certain aspects of manufacturing, such as:
Supplier selection and performance
Speed to market
Estimation of product costs
Trade compliance
Auditing
To help develop and maintain an effective global supply chain, many companies use product sourcing services from China or India buying agents, such as axi Sourcing. The buying agents have established a network of fully-vetted factories in China, India, and other markets. A good China buying agent or India buying agent can match your specific manufacturing needs with the right factory. The product sourcing services also include manufacturing management, onsite quality inspections, shipping/logistics, and domestic warehousing. Considering the complexities of global parts sourcing, it makes sense to explore the benefits of using a China or India buying agent as a part of your global sourcing strategy.