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The sourcing process is a multi-step method for identifying and evaluating suppliers, vendors or partners that meet the requirements of the business. Once the decision is made on who the supplier will be, then negotiations can begin.
Listed below are some of the considerations for the sourcing process:
Finding the right supplier. There are multiple decisions to be made when choosing who to use as your supplier. One consideration is to ask yourself if they are viable for growing with your company, or if it is time to move on. Other considerations include the ability to meet deadlines and your budget.
Quality of product. A supplier will often give you samples to ensure the quality is up to your standards. Any changes in this area should be discussed early on, as this will affect the overall cost of your product.
Scope. The supplier should be able to accommodate all that you need, as well as be able to grow if your needs change.
Price. This is an important consideration, as a supplier who charges more may not always mean higher quality.
Product liability and safety. This includes the supplier’s ability to protect you from lawsuits, as well as keeping the products safe during transport and storage.
Delivery and lead times. It is important to work out these details early on as this impacts the overall cost of the product.
Tracking and communication throughout the process. The supplier should be able to keep you up-to-date on any changes. They should also be able to answer any questions you may have throughout the process.
Contracts, invoices and payments. The supplier should have a standard contract that includes any important details, as well as the ability to provide you with accurate invoices and payments.
Business etiquette. This includes the supplier’s professionalism and ability to work with your company.
The right sourcing process will include many different considerations for your company, but some of the most important are quality, price and lead time.
According to the China exporters, it takes 1 to 2 weeks to source a sample from China, depending on the supplier. On average it takes 10-15 days for the production of a sample from the supplier.
Strategic sourcing is an approach to procurement which involves a collaborative process between the buying and selling organizations. Strategic Sourcing professionals must be able to consider all aspects of the procurement, from expenditure to usage and track records, in addition to being familiar with supplier capabilities.
Understanding the category and your target audience preferences.
Right Quality
Right Quantity
Right Time
Right Source
Right Price
Right Place
Yes, you can. However, it is up to you how you would want to proceed.
Work with an expert sourcing agent while route your payments through them. As they are more involved in the verification process since they can physically visit and verify your supplier.
No, it is not necessary, you can skip this process, However, it is crucial to save you from a big loss in future. Better play safe!
It is not compulsory, you can do that later. But the ideal situation is to get it done as soon as possible.
We deal in all sorts of categories. We have a huge network of suppliers connected with us to ensure production of almost every possible category.
