Industry Experts

What is sourcing? Sourcing refers to a business process of identifying, engaging, and procuring products or services from a third party, usually from a foreign country to facilitate your business requirements. While it is primarily used in supply chain management, it can also form a part of human resources and marketing functions. What do you mean by B2B sourcing? B2B sourcing is often a digital platform that brings buyers and manufacturers/service providers together to enable procurers to source products from suitable suppliers. The marketplace allows procuring companies to select the ideal supplier from a vast gathering of manufacturers. This ensures fairplay for all the parties involved.  What are the key factors of a B2B procurement platforms?  Some of the vital features of a B2B sourcing platform are: self-service enablement: an effective marketplace should allow buyers and sellers to engage in business dealings with transparency and free flow multi-vendor enlistment:...

India is the 2nd largest textile manufacturer in the world and one of the few countries that are capable of completing the whole process of production, from the yarn to the final product, ready for the market. Earliest to come into existence, it accounts for 14% of the total industrial production and contributes to nearly 30% of the total export. This sector makes up around 2.3% of the GDP and is the biggest employer with around 45 million workers, according to the reports from FDI India. Recognized as one of the best sourcing destinations for garments and textiles, the Indian textile industry’s greatest strengths are a strong production base of a wide range of fibres and yarns, an abundance of raw materials, availability of skilled manpower, competitive manufacturing costs etc.   What Union Budget 2022-23 has in the store for this sector? The Indian textile industry is one of the most important pillars of the Indian economy in terms of output, foreign exchange earnings and...

Offshoring Solutions and B2B Contract Manufacturing and Outsourcing are two of the most important methods for driving organisational growth and cost efficiencies. However, not many people are aware of the immense benefits of offshoring.   Offshoring is not the same as outsourcing and it becomes necessary to understand what offshoring entails and how is it different from outsourcing. The definitions that Google provides are complicated and not easy to understand. Simply, offshoring is the process of operating production facilities or services outside the domicile country, whereas, outsourcing is the procurement of products and services through third parties both within the domicile country or outside.   The terms Offshoring and Outsourcing are often used synonymously. However, both are completely different from each other and are beneficial to organisations in rather different ways. India has been ranked top in the list of the countries that provide offshoring and out...

  As per Statista, global business-to-business (B2B) sourcing transactions totaled $12.2 trillion in 2019. The emergence of the B2B marketplace is among the most influential developments in B2B eCommerce. The importance of this B2B sourcing platform cannot be overstated, as it has reinterpreted the trading relationship between B2B buyers and sellers while still acting as a networking hub. If the trend seeks to spread, conventional B2B wholesalers and distributors have a tremendous opportunity to adopt the online marketplace paradigm and obtain a strategic edge.   As a result, B2B solution providers are witnessing dramatic shifts in buyer tastes and software procurement methods. In addition, the study showed that more than 80% of businesses no longer purchase software according to a calendarized buy schedule. Rather than waiting for the next update or purchasing cycle, more than 50 % of the respondents have said that they are willing to make a purchase as soon as the need ...