Manufacturing sourcing is fueling B2B growth What is B2B sourcing? Sourcing is a business process decision that enables the primary company to outsource its production requirement to a third-party manufacturer. The manufacturing company has the expertise to produce and deliver products as per the requirement of the sourcing company. The two companies engaging in this business partnership are not necessarily but often based in different countries. There’s is often a B2B manufacturer sourcing company involved in liaisoning between the supplier and the primary companies.
What is the difference between sourcing and procurement? Though these two disciplines work hand-in-hand, they have distinct roles to play in the supply chain process. Sourcing is responsible for evaluating potential suppliers, selecting, and maintaining relationships with a list of vendors who match the production requirements of the company. Procurement, on the other hand, is only concerned with acquiring the required goods or services from the empaneled vendor(s). How to maximise your benefits from B2B manufacturing sourcing? You can follow the five steps given below to stay competitive with your sourcing efforts in modern times: - Utilize supplier management software to connect with a wider network of suppliers worldwide. - Get a price advantage by collaborating with a large group of suppliers with similar efficiency levels. - Reduce your time-to-market by leveraging digital design tools to send and approve
product designs in a jiffy.