'Use vendors' global strategies

13 March 2008
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13 March 2008

Buyers should take advantage of their suppliers' global sourcing strategies, according to procurement consultancy Think Global Now.

Melanie Halstead and Gemma Stuart-Young, the firm's directors, told buyers at a globalisation and procurement workshop they need to work with their suppliers to source globally. They said procurement teams should learn what their suppliers are doing to source goods and services globally and try to join in with these initiatives. In doing so, buyers can minimise the risks involved with direct global purchasing, and build stronger relationships with their suppliers.

Halstead noted some buyers have an "I'm on holiday attitude" when purchasing outside the UK. She explained normal buying practices are often neglected in favour of a quick deal with a foreign supplier.

"Buyers must maintain diligence with suppliers outside the UK and where possible use existing suppliers to source globally.

"It's important to remember knowledge is power and understanding suppliers is the key to getting a good deal."

By adopting these measures, buyers could break down their firm's internal "fear factor" of sourcing overseas and make significant savings.

David Read, chief executive of Prestige Purchasing, added buyers "haven't woken up to" the savings in global sourcing.

He told delegates globalisation has largely been a positive force for change and buyers should be embracing the increasingly diverse market place.


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