Global Sourcing-Beat Your Competitor to the Punch

There is no doubt that global sourcing has numerous and varied benefits

. Global sourcing can help you save you on your bottom line. It can also allow you to make products or provide services that would otherwise be unaffordable for your company, and it can allow you to build up your knowledge about another country. However, global sourcing can also do quite a bit more as well. One area where global sourcing can prove to be very value is in giving you the competitive edge.

Finding the Edge. Finding any edge over one's competitor is of great importance. No matter what business you might be in, having any sort of competitive edge can translate into serious success and rewards. Of course, this includes global sourcing as well. Let's say that you are manufacturing a product, for example, a bolt. If you begin using global sourcing to produce bolts made in China at a fraction of your competitor, the simple fact is that you have given yourself a considerable advantage.

Playing Catch-Up. If you are using global sourcing and your competitor chooses not to do so, then you have the advantage. The longer they wait to take advantage of what global sourcing has to offer, the better off you will be. In fact, if they wait too long, you may simply put them out of business. Conversely, however, if you are playing catch-up as your competitors have beaten you to the punch and are involved in global sourcing, well, you have your work cut out for you. Gaining that advantage first is thus very important.

Make the Most of Your Resources. Global sourcing helps you make the most out of your resources. Not taking advantage of the opportunities that it presents can serve to put you at a significant disadvantage. Those looking for ways to reach new markets and new customers are additionally served the knowledge they will gain about cultures and emerging markets through global sourcing. Allowing your competitors to take the high ground in the marketplace isn't just a bad idea, but an idea that might mortally wound your business.

Global Sourcing-Beat Your Competitor to the Punch

By: Darren Hamels

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