The decision-making process in sourcing from “low cost countries” has become increasingly complex over the last 25 years as other factors impacting global efficiencies have been thrown into the mix. More and more low-cost countries have expanded their capabilities; rising wages and exchange rates have made some former low-cost destinations unattractive.
Amritt is bullish on the long-term prospects of India as a source for selected imports to the West. The U.S. Council on Competitiveness 2013 survey ranked India ahead of Taiwan, Brazil, Thailand and Mexico in Manufacturing Competitiveness. By 2018, the report expects India to be second only to China among all countries. India is now among the top manufacturers in sectors as diverse as textiles, chemical products, basic metals, general machinery and equipment, and electrical machinery according the UN Industrial Development Organization.
Strategic sourcing is a supply management tool. It is a structured process for finding, vetting, and selecting suppliers in a formalized manner to pinpoint the most strategic suppliers based on their ability to create new business opportunities, increased value, lower life cycle costs, and / or technological advancements for our clients.
At Amritt we target and search for suppliers in a structured manner. The cooperative relationships we create with our Western clients and with the supplier ecosystem identify new opportunities, spur innovation, and lead to growth of an organization.
We have access to a proprietary Global Supplier Database across multiple categories, industries, and regions including India, China, and the rest of Asia, Mexico and East Europe.
We conduct a needs overview to address questions such as: What are the driving forces for sourcing from India and China in your organization? What are the low-hanging fruits for sourcing? What are the risks? How can you become better prepared before you embark on this process? What are the countries best suited for sourcing your products from?
Our RFI and RFQ form an integral part of our sourcing process.
Amritt has decades of experience in answering these and other such critical queries. CFOs, CEOs and heads of operating groups approach us for initial feasibility studies to determine what is best for their company.