Have you ever read terms in English and other languages and rushed to Google to find out what they mean? International business often involves a variety of terms and expressions in foreign languages, so it can be a bit of a challenge for those who don't have the sharpest English.
Before you get scared, it's important to remember that most of the terms designate processes that are already familiar within the corporate environment. The biggest challenge is to memorize the “scientific” definitions of these processes. This can be very useful in business conversations, in improving your business vocabulary and even when looking for a promotion at work!
In literal translation, sourcing means supply. With regard to a company's activities, more specifically in international trade, sourcing encompasses actions involving the identification and selection of potential suppliers. This includes rigorous verification and analysis of costs, profit margins and market competitiveness.
One of Afianci Global Networking's solutions is Strategic Sourcing, which is a customized method for maximizing the cost-benefit of each acquisition and seeking out the best supply channels in the import process. And this process involves several stages:
- Price research;
- Product quality inspection;
- Technical and strategic evaluation of products and suppliers;
- Building a solid, waste-free supply flow.
In sourcing, It is common for business development professionals to collect data on suppliers to ascertain the quality of the goods and services, as well as doing a lot of research into the market where they will be developing their import business.
With an effective strategic sourcing process, it is possible to find reliable, affordable suppliers who guarantee the quality of their products and services. And when it comes to a company's competitiveness, it is essential that it obtains advantages in order to stand out from the rest. Having quality suppliers guarantees a step ahead in the race.
