Sourcing- the perfect answer to your manufacturing needs

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Sourcing- the perfect answer to your
manufacturing needs Setting up or even expanding
an existing business has a lot of intricate
steps. If you are a new entrant into the business
fraternity you could be at a stage when you have
found the eureka moment. The idea has struck, but
now to put it into motion manufacturing sourcing
may be an appropriate strategy to successfully
bring your dream into reality. What is sourcing
in the first place? In laymans terms, sourcing
refers to procuring your products from a trusted
manufacturer, either from your home country or
abroad. This is a critical decision since your
brand's reputation as well as your business
profitability hinges on sourcing from the right
manufacturer. If your research suggests sourcing
from overseas then you have your work cut
out. This is where consultants and organisations
adept at manufacturing sourcing enter the scene.
These individuals or entities have the expertise
to connect you to the appropriate manufacturer
based on your business requirement. Typically
sourcing companies leverage their industry
know-how, local market knowledge, export norms,
and various other business paraphernalia to
liaison with a vast range of manufacturers.

• Two-fold approach to manufacturer sourcing
• There are two broad approaches to manufacturing
  sourcing.
• Self-sourcing This means you have decided to
  source the manufacturer directly through your own
  channels. In this scenario, consideration the
  following shall be important
• Credentials of the manufacturer
• Flexibility in times of business uncertainties
• Payment terms

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• Quality assurance
• Delivery time
• Outsourcing This process leads to parking the
  entire responsibility to a manufacturer sourcing
  consultant of selecting coordinating with the
  manufacturer on your behalf. Typically, if you
  are procuring goods from overseas, outsourcing
  could be an ideal route.
• The sourcing company may also connect you with
  the end producer and liaison in the entire
  negotiation process, thus enabling you to focus
  on other critical business domains.
• India as a sourcing destination
• India has always been at the forefront of chosen
  destinations for global procurement. Within the
  country, manufacturing sourcing is witnessing
  significant growth due to
• The emergence of digitization technology. Cloud
  technology is estimated to be worth 1250 by
  2028.
• Recent travel restrictions promoting tech-enabled
  procurement.
• Growing small-time retailers manufacturers who
  are promoting B2B sourcing.
• Drone deliveries are changing the supply chain
  landscape.
• For overseas clients, India promises to be a
  great manufacturing sourcing option due to
  low-cost production, cheap labour, skilled
  technical manpower and increasing adoption of
  modern technologies.
• Industry Experts (www.industryexperts.co.in) is
  a