Role of Sourcing in Business
Global Sourcing and Its Role in Business What Is Global Sourcing? Global sourcing refers to buying the raw materials, components, or services from companies outside the home country. In a flat world, raw materials are sourced from wherever they can be obtained for the cheapest price (including transportation costs) and the highest comparable quality. Europeans sourced spices from China and India. The long overland trade routes required many payments to intermediaries and local rulers, raising prices of spices 1,000 percent by the end of the journey. Such a markup naturally spurred Europeans to look for other trade routes and sources of spices. The desire for spices and gold is what ultimately led Christopher Columbus to secure funding for his voyage across the Atlantic Ocean. Even before that, Portuguese ships were sailing down the coast of Africa. In the 1480s, Portuguese ships were returning to Europe laden with African melegueta pepper. This…
Why Branding?
Branding, by definition, is a marketing practice in which a company creates a name, symbol or design that is easily identifiable as belonging to the company. This helps to identify a product and distinguish it from other products and services. Branding is important because not only is it what makes a memorable impression on consumers but it allows your customers and clients to know what to expect from your company. It is a way of distinguishing yourself from the competitors and clarifying what it is you offer that makes you the better choice. Your brand is built to be a true representation of who you are as a business, and how you wish to be perceived. There are many areas that are used to develop a brand including advertising, customer service, promotional merchandise, reputation and logo. All of these elements work together to create one unique and (hopefully) attention-grabbing professional…
Technology in Business
Technology helps businesses in a number of ways that generally center on doing things bigger, better or faster than you could without technology. Different industries and companies rely on technology in different ways, but widespread uses include business communication, optimized production, inventory management and financial record-keeping. Business Communication Technology expands the reach and efficiency of many forms of internal and external business communication. Field sales representatives and technicians, for instance, no longer have to return to an office to receive assignments. Instead, they take calls or mobile messages while in the field, alerting them to the next scheduled appointment. Business reps traveling for work can stay connected to the office and colleagues. E-mail enables mass distribution of messages to people across geographical boundaries. Externally, technology enhances opportunities for marketing communication. Social media, e-mail and mobile phones allow companies swifter and more interactive communication platforms relative to traditional, one-way media options. Optimized Production No…
Why Hire Consultant
Often, when I explain what I do for a living being a management consultant, I get asked why companies hire consultants in the first place. As much as I hate to hear it, the question makes sense: At first glance, it can be puzzling why companies wouldn’t just solve their own problems—whether it be a cost reduction effort or a new market entry—well, themselves. But there are many reasons companies really need consultants (and why I am able to stay employed working on some of the coolest challenges in the business world!). If you’ve ever considered becoming a consultant—or hiring one—read a little more below about how we can help companies out. They Want an Outside Eye You know how sometimes when you’re dealing with an issue in your life, you turn to friends and family for their opinions? Companies often need this, too, especially when making tough decisions. Often times,…
