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Achieving Excellence in Global Sourcing

Skillful labors and low-priced raw materials are primarily why companies opt for global sourcing. With these factors achieved, it becomes more cost-effective and favorable for the company. Nevertheless, global sourcing can also provide you with several challenges. Here are some tips to achieve excellence in global sourcing.

What is global sourcing?

Factors to Consider in Global Sourcing

Competitive Advantages

When choosing global sourcing, you must balance the impact on the company’s competitive advantages. For instance, one of the most essential aspects of this factor is the protection of product quality and intellectual property. If you think your company believes that its intellectual property is entirely important, then you should be very selective about your global suppliers. The more you depend on your proprietary information on other companies, especially when it comes to the specifications of your products, the greater the risk of losing it.

Moreso, if your competitive advantages are focused on achieving lower costs, it is critical to guarantee there are no hidden charges. Thus, you need to make sure there is no hidden cost so you can dispose of any realized cost advantage.

Monetary Risks

While the use of global sourcing can lower the cost because of the proximity of raw materials and lower labor costs, there are still monetary risks that can affect it. These risks include the expenses related to time zone differences, costs of transactions, and unanticipated increase in shipping costs. However, there are several financing tools available to global sourcing companies to offset these monetary risks such as forfeiting, factoring, and hedging against currency fluctuations.

Characteristics of the Raw Materials

Several aspects of the premeditated procurement process are distressed and overwhelmed by the characteristics of raw materials and other components. You will have to consider whether the modifications be made before or after the materials are sold, limitations of the supply of raw materials, and if goods are imported as components for manufacturing or simply in raw materials.

What is global sourcing?

Learn More about Global Sourcing

Ferroalloy Inc. is a global sourcing company that understands what its competitive advantages are and all other factors. If you want to enhance, protect, and utilize your company’s best interest, contact us today!

Tapping Better Resources with Global Sourcing

It’s undeniable that the figures for manufactured products in a low-cost country are significantly lower than those manufactured in developed countries. Many companies in the US enjoy the perks of lower production costs by sourcing the products globally. Besides lower production costs, global sourcing also makes it easier for companies to look for better resources.

What is global sourcing?

How Global Sourcing Makes Everything Better

Reach More Resources

Global reach provides companies with the convenience to reach more unavailable resources within the domestic market but is available overseas. Utilizing such potential already available beyond domestic areas can be great leverage to producing quality materials and components.

Long-running and experienced global companies like Ferralloy Inc. can help you with international procurement services. These companies are oftentimes powered by their active network of global suppliers licensed and certified by the authority.

The procedure of sourcing components from other countries can be simplified with the aid of other industries. Sourcing companies can get materials and other components at the lowest possible price without compromising quality.

No Language Barrier Problems

With the help of global sourcing companies, there remains no language barrier. There will be no miscommunication or lack of contracting differences. The sourcing needs can easily be met while allowing other organizations to benefit from the purchases.

What is global sourcing?

Other Benefits of Global Sourcing

Apart from better resources and no language barrier problems, global sourcing also offers good quality control and greater production capacity. A company can partner with a trusted overseas industry to guarantee that its products are in line with company standards. The global sourcing company can ensure that the entire testing process is carried out.

When it comes to a greater production capacity, there is no question that the selected overseas company has an abundant supply of materials. Aside from the available materials, most outsourced companies have highly-developed manufacturing infrastructures. Once these two factors are present, the large volume production can be achieved quickly.

If you’re looking for an exceptional company that takes on global sourcing, contact Ferralloy Inc. today!

Global Sourcing | 6 Interesting Facts About Nickel’s History

Your project starts with its materials. And, the better the materials, the better the project. Global sourcing allows Ferralloy to create components that are durable and can withstand wear and tear. Nickel is a great option for many projects. Read to find out a little more about this powerful metal:

  1. Nickel was discovered by a Swedish chemist by the name of Alex Fredrik Cronstedt. It was found in the mineral niccolite – hence the name.
  2. The name comes from the German word Nickel, which translates to “Old Nick” or the “Devil’s copper.”
  3. Peruvian natives believed nickel to be a form of silver. This is because the metal did not rust. But, the Chinese also used a zinc-nickel alloy called “pai-t’ung” back in 200 B.C.
  4. Metalworkers alloy nickel with other metals to create strong components that are resistant to corrosion. So, you can find these combinations in vaults and machine parts.
  5. The world’s largest supply of nickel is in Ontario, Canada. And, scientists believe it originated from a large meteor that hit Earth in ancient times.
  6. Nickel is a transition metal. Using a periodic table, you can see that nickel closely relates to metal including iron, cobalt, copper, and zinc.

Want to Learn More About Our Global Sourcing?

We always make our products to the highest of standards. And, our global sourcing allows us to provide you with quality materials that result in strong and durable products. So, if you’re looking to supply your next project with nickel-based products, contact us with any inquiries!

why is global sourcing good for nickel materials