The days are gone when you sold your own produce at a profit or traded finished products for mutual benefits. Modern business practices have given birth to a new phenomenon called ‘Sourcing’.
Sourcing, in a nutshell, is the process of identifying suitable manufacturers in one’s own country or from a foreign country, finalizing terms with them, and getting the goods delivered as per the agreed terms & conditions. To facilitate this entire process, a group of individuals or organizations, known as sourcing consultants, have cropped up who specialize in negotiating the best buyer-supplier deal for a consultation fee or a fixed remuneration.
A Sourcing Consultant helps in
- Identifying suitable manufacturers/ suppliers based on the buyers’ needs.
- Maintaining healthy relationships with new & existing suppliers.
- Getting quotes from multiple suppliers before finalizing.
- Obtaining the best deal in terms of price, quality, and delivery schedule.
- Getting the legal formalities completed according to the laws of the land. This point is critical as the buyer & the seller are from different countries that may have varied governance policies.
- Suggesting the buyer on optimum inventory management.
- Ensuring timely delivery and adherence to other terms of the contract.
The Key Attributes of A Strategic Purchasing Consultant
Sourcing is a key element of manufacturing or business and getting associated with proficient manufacturing sourcing consultants can address key challenges that may arise in this critical aspect of your business. The following are some of the skills that the consultant draws on for easing the constraints:
- For an individual consultant, actual experience in supply chain management, logistics, or a related field could help.
- For consulting organizations drawing upon the experience of relevant industry experts with the necessary experience and possibly induct them in the team.
- In the era of online sourcing, adequate computer literacy is an indispensable prerequisite.
- Negotiation skills.
- A vast repertoire of empaneled suppliers who can deliver at short notice.
- Subject-matter experts for guiding the buyer in the initial stages.
- Integrity and transparency in business processes.
Industry Trends
- PAAS Model: ‘Procurement (or Sourcing) As A Service’ model is fast gaining popularity. Organizations are looking for strategic partners who can manage their entire supply chain.
- Technological Evolution: Artificial Intelligence, Machine Learning, and NLP are redefining the horizon of B2B sourcing. The introduction of intelligent bots has expedited the sourcing process.
- Circular Supply Chain Model: Increased awareness of a greener environment is pushing organizations to adopt the circular supply chain model that has its impact on sourcing.
- Resilience Against Adversity: Sourcing consultants are overcoming climatic, geopolitical, and healthcare challenges to mitigate the risks of sourcing from abroad.
Among the several manufacturing sourcing consultants in India, a reliable name is Industry Experts (https://www.industryexperts.co.in). The entire gamut of activities related to sourcing will be expertly handled by our experienced consultants, allowing you to focus on other business areas in your home country.
