Once you’ve found a good global source of supply, ask yourself this: Are we buying from the best supplier in the world, at the best price and best quality, and from the best part of the world? If you can answer unequivocally “yes,” then you are on the right track.
At GXE Industries, we pride ourselves in being this standard of supplier for you.
Low Cost & High Quality Control
Companies typically enjoy a 10-20% cost savings by sourcing. The key to global sourcing success lies in doing your homework in advance. Know what pricing you need and the quality, product specifications, and timeline that will fit with your overall strategy.
Easily Accessible
Once you enter into a relationship with a supplier thousands of miles away, you will want to visit as often as warranted. These visits are to spot-check the supplier’s facility to ensure they are complying with local laws and regulations, monitor its workforce (no sweatshops!), access the market on the ground to learn about any competitive threats or supplier knock-offs that might be in the works and, lastly, see that your product is being made to your specifications.
Communication is Key
Don’t take chances. Either do business in a country where you understand the language, don’t do business there or hire a person who is proficient in the language that is being spoken. Communication is crucial when dealing with global supply sources. Details matter. That’s what quality is all about.
Legally Sound
Go to a country where legal protection is available and the laws are clear, easy to comply with and enforced if broken. For example, Vietnam is a member of the World Intellectual Property Organization (WIPO), which offers a legal framework and measures for intellectual property protection.