The favourable economic climate of the past 15 years has seen a stable environment to help businesses grow and flourish in a wide range of industries, but with gloomy financial predictions for this year and beyond, it seems that the good times are at an end – for now. However, economic prosperity can have the side effect of making some organisations lax in ensuring that they run an efficient and cost effective streamlined operation. One thing is certain: over the coming months, many companies will fail – and the most likely victims will be those who have coasted through the favourable conditions of the past decade.
With the manufacturing industry looking particularly vulnerable, organisations in this sector need to start looking at ways that they can become more cost effective and operate at optimal efficiency – and they need to do so now. One way that this can be achieved is through the process of global sourcing: as a way of reducing costs and increasing your competitive edge it can be highly effective. However, there are many pitfalls along the way and for global sourcing to really benefit your business you need to be aware of how to use it to your advantage, what can go wrong and what you can do about it.
Darian Trading (www.dariantrading.com) has been operating in the global sourcing industry since 1986, working with partners from across a wide range of industries. Drawing on their expertise and experience, the staff from Darian have complied a number of simple tips and ideas to help make global sourcing work for you: why you should contemplate doing it; what can go wrong and what you can do about it.