Last updated on January 16, 2019 by Dotsquares
As a business owner, it’s important to give back to the community especially when it comes to the younger generation. With the tech industry continuously evolving and new research and findings announced every day, it’s integral that the next generation knows how to continue what we started, and if possible do so in an even better fashion.
This week on Monday 14th January CEO Bankim Chandra was invited to inspire the undergraduate minds at Warwick University about global sourcing and innovation.
What you need to know…
When it comes to global sourcing you need to have the right strategy in place. Trusting the right partners to help your business grow is essential, but not always easy. For new business owners, we recommend that you first look at your contacts to see if they have any strengths in any particular geographical location, and if so do they have a preferred supplier? When considering a pairing with the right vendors you should review their location, are they a niche player or specialist? How will their location affect your ongoing supply chain? How will the vendor integrate into your existing systems and processes, and will you need to adapt yourself to integrate a vendor? You will also need to consider transportation and cost factors at borders.
Whether you are looking at a single country or several, you need to identify the benefits associated with:
The Department for International Trade (DIT) formerly known as UK Trade and Investment, is a fantastic resource that organise trade missions to different geographical locations and cities, which gives you the opportunity to make those valuable connections, and also meet vendors face to face. The DIT helps you to get a better insight to Government strategies, and the chance to examine commercial landscapes.
You will also need to know what barriers might be encountered, such as;
With outsourcing, you will benefit from cheaper costs, the ability to approach the specialists who are hungry to perform in that sector, and most of all it allows you to focus on your primary business.
How to manage your vendor landscapes:
How to manage your vendors
To manage your vendors first construct a point’s based matrix, where you will be able to score on different verticals and factors that will influence its delivery. Those verticals should then ensure that the price is not the main factor, when it comes to trading. This can be time-consuming and costly to manage but it will help you penetrate the culture of that potential vendor. Things you should consider when choosing the right vendors:
How to design appropriate contracts, negotiate and deploy governance
These are just some of the main factors you need to consider when it comes to global sourcing and innovation. For anyone thinking of starting their own business via this route, we recommend you do your research, ask for valid advice from industry leaders, and if you have any more questions then we would be happy to help.