Pump maker lowers cost sourcing in China
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2008/02/15 16:38 | by SamChan ]
2008/02/15 16:38 | by SamChan ]
Dennis K. Williams is a big fan of global sourcing. "It is reducing our material costs, and providing us with components of equal or better quality," says the chief executive of idex Corp. Through September, the Northbrook, Ill.-based producer of pumps, metering products and dispensing equipment has realized cost reductions of 30% on globally sourced materials and components. That translates into $8.1 million in savings on purchases of foreign-made iron, carbon steel, stainless steel and aluminum castings—as well as machined metal parts, motors, printed circuit boards, and injection molded plastic parts.
Taking the risk out of Asian sourcing
[ 2008/02/15 16:05 | by SamChan ]
2008/02/15 16:05 | by SamChan ]
Chemical and pharmaceutical companies with long experience procuring raw materials from China, India and other parts of Asia usually report few problems with the quality of the imported goods and reliability of their suppliers. But issues can and do arise if a company is new to Asian sourcing and has not carefully investigated potential suppliers. As a result, veterans of Asian chemical procurement advise newcomers to the region to do their homework before choosing a supplier.
New report outlines best practices for China sourcing
[ 2008/02/15 15:52 | by SamChan ]
2008/02/15 15:52 | by SamChan ]
According to the report, companies typically go through four stages in China sourcing: testing the waters, early engagement, full integration and finally making China a center. But the expansion and success of China sourcing is limited by internal resistance coming in three main forms: lack of understand, lack of incentive and perception of risk.
How to build the procurement Dream Team
[ 2008/02/15 15:32 | by SamChan ]
2008/02/15 15:32 | by SamChan ]
From developing interns to training veterans, building the right procurement organization is a lot like managing a sports team."If they want you to cook the dinner, at least they ought to let you shop for some of the groceries."
Strategic Sourcing--Low Cost Country (LCC) sourcing
[ 2008/01/31 11:51 | by SamChan ]
2008/01/31 11:51 | by SamChan ]
The phenomenon of Low Cost Country (LCC) sourcing is embraced in varying degrees by foreign manufacturers, yet those that achieve success are invariably the ones that embrace this phenomenon with a long term view instead of only seeking short term cost gains. This is where sourcing becomes strategic, and China TradeSource expertise in setting up and managing sourcing relationships enables the client to concentrate on managing their own companies' long term strategic adjustments, rather than the nuts and bolts of managing a supplier.
Procurement Spend Management Overview
[ 2008/01/14 12:13 | by SamChan ]
2008/01/14 12:13 | by SamChan ]
As competition in the procurement arena intensifies, it is critical that organizations dramatically improve their effectiveness by managing spend and accelerating process performance. Leading companies understand that this can only be achieved through a comprehensive spend management solution-one that delivers cross-company spend visibility, promotes accurate decision making, and employs best practices on which to refine and grow an efficient procurement infrastructure.
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