- Global sourcing is very important in the modern trade and commerce. It helps to cut the operational cost of the business. It is a practice that involves sourcing goods and products from low cost country. Low cost material and skilled labor are the most important factors of global sourcing. China is one of the active participants of this sourcing strategy.
- Mistakes in Global Sourcing Procuring raw materials and finished products from the developing economies is always a good idea as there is enough chance of incurring huge profits by selling these products. A professional sourcing consultant can be of huge help in this regard. Some mistakes are often incurred in global sourcing.
The 4 big mistakes are;
- Too much focus on price, not value
- No background check
- No Idea about the cost
- Source the product simple based on the price factor.