Global Sourcing Day 2012

Today, ODM Group attended the Global Sourcing Day 2012 organised by Core Solutions. It is held at Mira Hong Kong Hotel. With other attending companies such as Poundland, Tesco and Alliance Boots, it was indeed a very informational and fulfilling session.

This talk covered various topics that are related to the sourcing and supply chain management, which is a very beneficial lesson for ODM Group.

Basically, the bring-home points are –

The challenges faced in the sourcing industry

Statistics have shown – As compared to previous years, Christmas sales in Europe have reduced at least 10% whereas the US Market has stayed constant. Both the European and US Market are important revenue for the sourcing industry.

Managing the retail supply chain

The retail supply chain is highly complicated with many different steps, process and implications. It can be summarized into the following stages –

• Plan
• Develop
• Source
• Order
• Produce
• Deliver
• Sell

As how Tim Chiu from Core Solutions put it, ‘It is impossible to tell where you are right now.’ You could be in the middle of developing and sourcing, or selling and developing at the same time. How can we measure it accurately? There’s no way to do that.

According to the live poll at the talk, to complete the entire supply chain from planning to delivery, it takes at least 12 months. In average, it takes approximately 18 months. All these time that is used to go through the entire supply chain, we would have wasted a lot of redundant effort, cost and time.

Which brings us to the next point –

Reducing costs and increasing profits

“Reducing costs equates to an increase in profit.” The amount you save for the firm in turn converts to the profit made. We believe that all businessmen are absolutely clear of this concept. Now, it is average that 33% of the entire supply chain cost is redundant. From planning to selling, there are many minute details that take up unnecessary effort, cost and time. “Dig your gold,” It is said. With so much improvement to be made, you can definitely spot them, cut the extras and aid in gaining efficiency.

Automization through systemization. This is the solution to dig gold.

Ensuring efficiency and effectiveness

Systemization is to make use of IT to computerize and process everything. With such an arrangement, automatically it cuts all repeated and unnecessary processes. Efficiency is therefore achieved without a doubt.

However, is it really a wise choice?  Is it really effective?
In the sourcing industry, we have to deal with both clients and factories. It requires a high level of people relationship and contact. Without that, we are basically unable to clinch deals and ensure smooth production. How effective is it then, to automize the process? Where is the line to draw? How do we ensure both efficiency and effectiveness?

That’s for you to solve.

 

Of course, much more was covered during the event. And definitely, it is a must for promotional products!  We’ve got a folder, a 4GB Core Solutions Flash Drive and a writing pad from Mira Hong Kong Hotel!

 

USB Flash Drives are practical and useful. With proper branding, Core Solutions can increase brand awareness, boost brand recall as well as facilitate advertising. Guess what!  Core Solutions had all its company products, press releases and much more related information stored in it! Clients are then able to find out more about Core Solutions in a click, how brilliant is that!

 

The Global Sourcing Day is a great time for sharing, networking as well as understanding more about other firms in the same industry. You are definitely encouraged to be involved for the next Global Sourcing Day!