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Managing Supply Chain and Global Sourcing
Cutting costs within the supply chain can tremendously increase profits within a company. A thorough understanding of customer needs is the starting point for designing a supply chain that cuts down unnecessary costs and improves service and delivery. For example, keeping a council of the supply chain minimizes in-between stops and the chances of damage, while eliminating unnecessary costs. Maximum utilization of assets is another aspect of cutting down costs, whether it is physical or intellectual assets. For example, warehouses are usually fully utilized during the peak seasons but remain empty for the rest of the seasons. As an alternative, the company can rent extra space during the peak seasons to avoid the waste of assets during the low seasons.
Worldwide sourcing is an alternative to cutting down costs by sourcing labor and goods from the cheaper global market. Through the centralized procurement departments, companies identify suitable global suppliers of materials and through connections to these companies, delivery of goods is cheap and efficient, cutting down the overall costs of goods handling. Global sourcing diversifies company services, giving it an edge in any competitive market. Nevertheless, global sourcing can indirectly expose companies to risks such as hidden costs due to differing time zones, exposure to financial criminals including the loss of intellectual rights, along with the difficulty in the monitoring of product quality.
The aspect of uncertainty in the supply chain leads to a lot of deadstock pile-up, leading to losses. However, due to the unavoidable nature of uncertainty in business, companies come up with creative ways of covering the losses including insurance and recycling the finished products into other products and selling it instead of losing the stock.
Due to distance and time zones, it is difficult to certify the quality of the goods sourced from the international market, especially because companies are no longer just sourcing raw materials but finished products and services as well. The use of certification services such as ISO 9000 certification ensures that products are of quality and that service delivery is not compromised while meeting customer needs. Due to the common trend in obtaining services from the global market, these certification services provide safer grounds for companies and individuals to escape scammers and with time, measures should be put in place to minimize other risks including financial crimes faced in this international turf.
The concept of managing a supply chain is applicable in my personal life when buying personal items by scoping the market thoroughly, whether physically or over the internet. This action of doing adequate due diligence before making purchases ensures that I stick to my budget and get my moneys worth when making these purchases. Furthermore, global scoping is useful when looking for unique products for my clients but I am aware that it exposes me to risks such as identity theft and swindlers, hence the need for due diligence.
The changes that I plan to make within six months include researching my customer base to avoid the accumulation of dead stock and the losses incurred as a result, while meeting customer needs. Scoping the global market will also diversify my purchases through unique products.
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