Sourcing Strategy

7 Reasons You Should Consider Global Sourcing

Sourcing Strategy - 7 Reasons You Should Consider Global Sourcing

It is in a few countries of the world that you can get all you’d need for production, hence global sourcing. Global source is the buying goods and services from other countries primarily for production purposes and to access other significant benefits. Nature has endowed different nations of the world with different raw materials (including expertise); and many significant products needs a combination of so many raw materials. So for this major reason, considering global sourcing becomes paramount.

Let’s look into 7 reasons one should consider global sourcing.

1. Raw materials. Access to raw material is the first reason for global sourcing. If the raw materials used by your company are not readily available or abundant in your own country, and if availability of those materials is greater elsewhere, then sourcing globally helps you lower your supply risk. Sometimes when the economies of scale in extraction of these raw materials in your location is not favourable, global sourcing can also mean lower prices even with the extra cost of transport and duties factored in.

2. Cheaper wages. Access to cheaper wages in today’s business world can be provided by global sourcing. Many labour-intensive manufacturing processes can be sourced from countries where wages are lower other than where you’re located. This is especially true in cases where the technology used has a life cycle. As the technology matures, producers with high wage cost normally proceed to new technology as the benefits and features that come with it can be used to charge quite a premium price which offsets the higher labour costs. Ten the low cost countries tend to adopt the older technology producing products for users who buy on price. Even, some services can be operated overseas at lower cost due to the lower wage rate without the effect of this technology. A good example is in the ICT sector, where the number of software developers and call centres that are now located in Eastern Europe and India.

3. The third is reciprocal trading. Reciprocal trading in global sourcing works both ways as both buying organisations and selling organisations are involved. As countries to balance the trade between them, so does a company which sells its products to another in another part of the world it can also buy products provided by the buying company. This leads to opportunity for doing a deal that offsets your sales and purchases to give you a better overall economic benefit.

4. Knowledge.

Global sourcing avails you the opportunity to learn how to do business in another country. It furnishes you with the knowledge of the culture and ways of working in another country which gives you a significant benefit in terms of trade. This can boost your sales and marketing effort to win business in that country.

5. Domestic competition.

Global sourcing stimulates competition domestically as suppliers in your own country who think they have a major share of the local can become complacent

6. Supply capacity.

If there is a problem with supply of a key material for your own manufacturing operation then finding alternative sources of supply overseas can increase the supply capacity and so reduce your risk.

7. A global organisation.

Take advantage of turning your own organisation to a global one by sourcing via your subsidiaries. This can be an excellent way to access global sources globally.

Gadgets And Their Importance In Our Life

1. Efficiency. Gadgets increase our efficiency daily. Just imaging going to the post office to mail a letter that would take days to deliver only because you want to communicate with someone. But with the arrival of the telephone, computer and the internet, you can be in the comfort of your bedroom and communicate with that person. These are made possible by gadgets. They are technical gadgets. Human productivity in terms of work has been greatly increased by these gadgets, making the world a better place to live in.
2. Joy to the family. A gadget brings some excitement to members of a family with the advent of web-cam and other video accessories. Staying away from loved ones and friends is no longer painful as before. With these gadgets mentioned above, distant things can be made to come near making family that are far apart in terms of location to feel togetherness as though they’re under the same roof.

3. Compactness. One can have a bottle opener, twizzer, fork, spoon, and knife, even more in a single gadget. So a gadget user can have one product with different functions. This shows that gadgets can make things compact. 4. Physical space. Sometime in the past, a television set, DVD and their speakers can occupy a large portion of a living-room. But with growing technology, a gadget can do the function of all others thereby saving the need for very large rooms. Mobile phone, tablets and laptops can even play the roles of many other gadgets satisfactory as the case may be. 5. Fun! Gadgets like Home Theatres, iPods, video games, music systems, television sets, DVD and many others have been providing us with fun and great excitements, .

and we need not be reminded how enjoyable they’ve been to our lives. Our emotions can be made great as these technical gadgets make us smile and laugh. With these instruments the feelings of loneliness can ward off. It becomes very essential to integrate them with our lives because they ring us fun. So now we know how important gadgets are our lives. How they have the power to bring us joy and ward off loneliness. How the make our family unity stronger through communication and video technologies. Now we know that with just one gadget we can get so many functions. This means that they are cost effective and affordable. So we can conclude that gadgets are not only important to u, but are part of our lives.

How Has Technology Changed Art?

It’s no news that technology has the power to change anything. Great impact is being made in the art these days as the traditional art is changing into digital art. Isn’t it amazing that digital art has taken place of traditional art? Just imagine it and digital art would explore itself in many different ways as far as you imagination can take you with the different software being developed. One of the most common digital artists is Photoshop Artists. This gives an amazing look to a picture with the help of imaging software and different applications. This is the handy work of technology. Where the traditional artists use paint for their art, digital artists use imaging software and applications. With advancing technology, some of the applications have the power to create 3D, and even 4D art works. A new level of creativity in the art world has been midwife by technology.

Let look at how the internet has impacted art. Now, artists present their art online thereby creating a virtual gallery; all with the help of technology. Have you gone to see art galleries or attended painting exhibitions in your life? You know how it might take you some ample time to organize yourself (and those going with you). These hardly work well these days. Artists have now been given a platform to attract a global view and attention for their work. Now most artists use the internet to showcase their works and reach more the art lovers in different parts of the world. There are some galleries and places where exhibitions are held; these we do respect. But with technology, presenting paintings art work online is a joy to artists. In no doubt, digital artists are already in touch with new technological advancements and are using them to create their art work and sell them online. Many professional digital artists are earning a lot of money by selling their art work.

You can even place a request for a custom design or any modifications you need and you get it. Artists use different software to explore and improve their output and make it more attractive. New technologies path new ways for them to present their work gorgeously. A more creative art work can be provided by using different types of media. 3D and 4D art works look as real as if you’re standing in front of it. Artists as well art works have been changed positively by technology. Different paths is been opened for artists to enter into for a good earning. One can be an artist a make a living from it because of technology. In today’s busy world, getting to meet each other and our loved ones is becoming very hard. Then when would we have the time to hit the road and endure the traffic to see exhibitions and galleries? But with the help of technology, we can see great art works and enjoy exhibitions from the comfort of our living-rooms or from anywhere in the world.