Sri Lankan firms advised to get sourcing strategy right
ECONOMYNEXT – An international expert has advised Sri Lankan firms to have a sound ‘sourcing strategy’ in order to help improve the overall business performance by sourcing the rights products at the right price and at the right time.
Tom Albrigston, a director at Norway-based Fair Deal AS, said it is important for firms to have an ‘effective sourcing strategy’.
‘Many firms ignore this point, even though they have strategies in place for marketing, finance, product development and sales,” said Albrigston.
He made these comments while speaking at a recent seminar organised by the Ceylon Chamber of Commerce (CCC).
CCC and Fair Deal are working together to create a platform for Sri Lankan importers to source goods at factory cost.
Albrigston also said a sourcing strategy will help importers explore product options, locate ideal partners, help negotiate better prices and reduce the risk of ‘sourcing failure’.
(COLOMBO, August 30 2016)