Yarn
sourcing is a crucial part of fabric and apparel manufacturing. It is much
needed for everyone to be able to build a better yarn sourcing strategy. It is
always said that, quality of fabric and apparel making also depend on quality
yarn which paly a vital role in the making process. On the other hand, you need
to formulate a better yarn sourcing strategy if you are frequently sourcing for
fabric and apparel manufacturing company.
Sourcing is
highly dependent on merchandisers procurement referendum. And they also need to
think about what they need with what cost. Normally, cost effectiveness,
quality, trade regulations are important during sourcing. And all of them have
been playing very important role in making a fine product that comes with
effective price. Even if you are planning for sourcing from online marketplace
you need a better yarnsourcing strategy. There are few things to consider before you make the
strategy for example, cost, quality, technologies involved, communication and
shipping time.
6 Steps of Better Yarn Sourcing Strategy
I am going
to take you through a step by step strategy making process which will help you
get through the final solution.
Analyze Your Need and Do Research
It is not something
that you will do without any research and analyzing your need. In most cases most
of the merchandisers do not make a strategy for planning and they often think
they know better than anyone else. So, they end up sourcing directly rather
than making a plan. So, if you are serious about sourcing then you must make a
plan. Analyze your need in a better way. Think about what you need. What is
your buyer’s requirement and how do they get along with the process? Measure
your need, meaning you must find out how much, when and what type do you need.
Now if you
have come to understand of your needing then you will have to think about researching
the market for sourcing. Go through online directories and marketplace or maybe
you just search on google to find out information about the most trending
options in the market. In this process you will have to find out market value
and which trend is running. Not only for sourcing but also how will the
response of your product will be if you launch a particular product. Though
there is huge and complex process for researching outside the country. This is
also problematic to understand the market in native country but still you can
move from there to there and find the real market information.
Evaluate Manufactures and Suppliers
You really
need to evaluate manufactures and suppliers if they have proper credibility.
Sometimes you may end up sourcing something good but the manufactures can not
supply on time. Or they may also end up massing up with timing. On the other hand,
they may also be playing with you when they are not capable of making your
product. So, it is really important to evaluate manufacturers and suppliers
before you go for any kind of negotiation.
Now its time
to formulate a sourcing strategy and on this stage, you will be able to analyze
the formula. So, you definitely need something to formulate the strategy.
Depending on your goal and product preference, you have to consider some
internal factor including quality and budget. Then you also have to think about
few external factors such as flexibility of the supplier, location of the
manufactures or supplier and market performance of the supplier. It is better
if you can understand the proper requirement of the manufactures besides how
they maintain their own relationship management. Keeping all these in mind, you
get to formulate the principle first and make the draft so that you can edit it
for the next option.
After the
draft, a better negotiation plan will be needed for negotiating with the
suppliers. If you really need a better profit margin, you need to be aware of the
deal. If you can come up with a better negotiation term you are definitely
going to get a better price. In this step you need to sit with the supplier and
negotiate the best price and quality out of the deal. Besides you also need to
negotiate the time of delivery, scope of work and terms and conditions. Make
sure you negotiate with the strategy that you have formulated.
If you have
made the strategy fully, its time to go ahead with it. You must be thinking
about the enforcement of the plan. So as soon as you build the strategy enforce
the strategy with the suppliers so that you can the best deal out of that.
Enforcing is
not the only thing you should do rather you must monitor the strategy time to
time. If you think that your plan and strategy is working properly then move
with this, but if that doesn’t work well you must have to think about changing
your strategy. So monitoring is really important and you must be keeping an eye
on it all the time.
The world is
consistently changing and you have to keep developing yourself. if you really
want to survive in the world. In order to keep yourself updated; you must be
updating your strategy every year. While you are monitoring the sourcing trends
with your strategy, you must follow the market demand, customer response and
lead time and hidden costs. Depending on all these, you get to think about the
current strategy statement and you have to customize or update the plan.
In
conclusion, we can say that if you are planning to source, you must be aware of
few things including a better developed sourcing strategy. Besides you also
have to learn what is the goal of your organization. You have to know what is
the need of your sourcing and if you really need to source. Upon understanding sourcing
need you have to make the sourcing strategy for apparel, textile or anything
related to this. Analyzing need evaluation of manufactures and suppliers,
enforcing the strategy and developing that strategy are some of the most
important thing that must be carried out during making the strategy.
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