As the economy continues to rebound after the tough global recession of the last few years, many companies and markets are poised for a resurgence. For firms in manufacturing and other industries that rely on global sourcing, 2014 stands to be a growth year.
While budgets are always a top consideration, this year the focus will shift from slashing costs to investing in relationships that scale production, break open new markets and increase revenues.
Here’s a closer look at the trends we expect to drive global sourcing in 2014:
Small- and medium-sized firms grow through sourcing: Global sourcing is synonymous with big business. Retail giants drive up profits by sourcing components and products cheaply around the globe thanks to complex value chain management. Increasingly, small- and medium-sized firms are taking advantage of global sourcing by partnering with qualified sourcing companies. As a result, they’re able to access production capacity, cheaper components and affordable global talent. Small businesses can then reinvest those savings into growing their companies and better serving their customers.
Integrating global marketing with global sourcing: Another trend that’s on the rise is the increasing integration of global marketing services for companies doing business abroad. From building relationships with a country’s leading suppliers to paving the way to do business in a new market, global marketing provides international businesses with an insider perspective on foreign markets. Global marketing services provide businesses with insights into distribution channels, on-the-ground representation and help identifying the best partners to meet top business goals.
Technology plays a bigger role in delivery: Several technologies are changing the service model in the global sourcing field. Big data is giving better insights into the savings and efficiencies that sourcing creates for specific businesses, and making it easier to pinpoint bottlenecks that need to be addressed in the production process. Cloud-based technologies and mobile devices are making it easier to stay connected with suppliers 24/7, and creating global communications infrastructures that are fully integrated to streamline communications and data sharing. Finally, there’s an increasing focus on enhancing global security across partners and along the value chain to better protect valuable client information, financial data and trade secrets.
2014 promises to be an exciting year for companies that are ready to grow through investing in technology, integrating marketing with global sourcing and making global sourcing accessible to companies of all sizes. If you’re ready to leverage global outsourcing to grow your business in 2014, contact Mawson Global today for assistance with your global sourcing, marketing and commerce solutions.