• Elksourcing:Things to Consider When Sourcing from China

    Elksourcing:Things to Consider When Sourcing from China

    Are you interesting in finding a Chinese company to help with manufacturing your product? Doing so requires choosing a good Chinese sourcing partner to facilitate the expansion. As you begin to source internationally, here are some things you need to keep in mind. 1. Product Quality No matter what materials or goods you’re sourcing, the quality of the product must always be at the forefront of any decision you make. When you expand into the international market, you will face issues related to time zone difference, geographical differences, and cultural miscommunication. Each of these 3 factors has the potential to affect the quality of your product and sourcing. Poor product quality ultimately leads to dissatisfied customers. Therefore, when searching for a manufacturing sourcing partner it’s critical to choose a sourcing agent that consistently meets or exceeds your expectations in order to build a sustainable long-term relationship delivering quality goods. 2. Logistic Capabilities How…

  • Elksourcing:Why Quality Control is Essential to Your Business?

    Elksourcing:Why Quality Control is Essential to Your Business?

    Quality control is essential to build a successful business, as the delivered products should meet or exceed customers’ expectations. A quality control system based on a recognized standard provides a strong foundation for achieving a wide range of marketing and operational benefits. 1. Competitiveness The ability to offer customers quality products provides a strong competitive advantage. Quality helps you to win business from competitors who are not able to match your standards and gives you the opportunity to charge premium prices for a superior product. It can also open new business opportunities in market sectors where quality is critical. 2. Customer Loyalty Providing the market with quality products helps to increase customer satisfaction and loyalty. Satisfied customers have confidence that your products will continue to provide reliable performance in the future, and that increases the likelihood that they will buy from you again. Satisfied customers may also recommend your products to other companies, either directly…

  • Elksourcing:Things to Consider before You Start Global Sourcing

    Elksourcing:Things to Consider before You Start Global Sourcing

    The world of business has become a global marketplace nowadays. To be effective in today’s competitive landscape, businesses often have factory partners across the globe. It’s an exciting time, but it can also be a challenging time for businesses just getting started in global sourcing of products.    1. Find a Global Sourcing Partner Entrepreneurs have a streak of independence. That’s why they are in business for themselves. But a good business person will also know when to seek expertise from a partner. Global sourcing is one of those times when it’s wise to seek out a good partner because there are many unknowns. A sourcing company will steer you toward opportunities and away from pitfalls. It’s better to benefit from someone else’s experience than to make mistakes by trial and error. 2. Don’t Make Decisions on Price Alone Lower prices are a primary reason to seek out global factory partners, but…

  • Elksourcing:How to Manage Risks when Sourcing from China?

    Elksourcing:How to Manage Risks when Sourcing from China?

    Sourcing from China is with full of opportunities, however, with every opportunity there is always an element of risk and China is no exception. Much of the risk can be managed and here we will outline some of the most common mistakes that people make when sourcing products, so that you can avoid making them. (1) Not defining specs This may sound obvious, but a clear definition of your product is absolutely critical. Whether the product is cardboard packaging, homewares or sports equipment, a comprehensive product specification is the first step in ensuring you end up with a supplier and product that you are happy with. The more detail you provide a supplier with, the more accurate the end product will be. (2) Not doing enough due diligence Many people don’t investigate potential suppliers in enough detail. This can be a costly mistake as trade fairs, emails and phone calls can…

  • Elksourcing:Key Strategies for China Sourcing

    Elksourcing:Key Strategies for China Sourcing

    If China is front and center of your sourcing strategy, make sure you are associating with a sourcing partner that has a strong presence in Chinese marketplaces. It is wise to choose a consulting firm which has delivered Chinese sourcing solutions to other businesses. Depending on your core requirements, they can come up with flexible time and cost-effective sourcing strategies that give you the desired results. The followings are some key strategies for China sourcing. 1. Building a supplier list– Sourcing agents are informed about your specific requirements and they identify the potential list of suppliers, who can deliver what you need, within your budgets and delivery timelines. Reputation is another factor that is kept in consideration when it comes to suppliers, as it signifies reliability and punctuality. 2. Aiming for profitability– Once the task of identifying the right supplier is completed, sourcing agents focus on sealing the deal. Focus must always be…

  • Elksourcing:Key Objectives of Global Procurement

    Elksourcing:Key Objectives of Global Procurement

    Procurement solutions should not be viewed as fixes, as they can continue to offer benefits for. While it is practical to be realistic about initial profits and cost savings, nurturing a sourcing mechanism can prove advantageous in the long run. Let us look at some of the key objectives of procurement.  1). Long-term cost savings  You will invest less and gain significant results. This can continue for years and decades, and your organization will make cost savings a way of life. One must realize that there are barely any constants in sourcing and procurement. For instance, a marketplace that seems promising for cost might be outdone by another competitor in 2-3 years. A reputed agency can help you find the most profitable marketplaces at any time. 2). Surpassing regulatory barriers  Emerging businesses in the developed world face with expenses but that is not all. There are a lot of regulatory and…

  • Elksourcing:Brief of China Sourcing Prospects and Facts

    Elksourcing:Brief of China Sourcing Prospects and Facts

    1.   China is the second largest economy in the world and has a huge open marketplace that welcomes foreign investment. The economy of China has grown by over 300% in the past decade.  2.   Per capita income in China is still considerably low, when compared to those in many leading western countries. It also has the world’s largest population. Hence, there is a growing abundance of skilled and unskilled labors that can aid one’s sourcing ambitions.  3.   China is a haven for thousands of readymade goods, machineries, parts and components, which are available at attractive rates. As a result, western businesses and their sourcing agents stand to gain.  4.   Rather than raw materials, manufactured goods are the major exports of China. The country is one of the leading producers of manufactured goods in the world.  5.   Many leading global Fortune 500 companies have invested in Chinese marketplace. The dedicated workforce, vast infrastructural improvement and quality manufacturers make it…

  • Elksourcing:Quality Control When Source Products from China

    Elksourcing:Quality Control When Source Products from China

    China is called “the world factory” for its business ecosystem, huge labor pool and low production costs. As a result of focusing on production-oriented upstream and downstream in production facilities, materials, design, and freight transportation within a specific area, a close economic and technological cooperation circle has been established to reduce production costs and increase production efficiency.  China has a long list of producers, thereby leaving you spoilt for choice. You have the flexibility to choose a producer whom you think is best and as per your preference. However, one of the biggest issues is quality control, considering you stay tens of thousand miles away from the production line. In this article, I’d like to share some of my thoughts per my 20-year experience. 1. Understand the value of your products When you plan to source products from China, you must have a full understanding of the products. With the product value…

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