Mastering Global Sourcing

Day 1:  The Global Sourcing Landscape

• Drivers of Global Sourcing: Explore the economic, technological, and geopolitical factors driving the trend towards global sourcing.
• The Benefits of Global Sourcing: Analyse the potential advantages of a global sourcing strategy, including cost reduction, access to specialised skills, and market diversification.
• Potential Challenges & Risks: Identify challenges associated with global sourcing, such as cultural differences, communication barriers, and transportation complexities.
• Developing a Global Sourcing Strategy: Learn how to develop a strategic framework for implementing global sourcing within your organisation.

Day 2:  Identifying & Evaluating Global Suppliers

• Supplier Discovery Methods: Explore various techniques for identifying potential global suppliers, including online platforms, industry publications, and trade missions.
• Supplier Qualification Criteria: Develop a framework for evaluating potential suppliers based on quality, cost, reliability, and other critical factors.
• Request for Information (RFI) & Request for Proposal (RFP): Learn how to develop effective RFIs and RFPs to gather necessary information from potential suppliers.
• On-Site Supplier Visits & Audits: Understand the importance of conducting thorough on-site visits and audits of potential suppliers.

Day 3:  Negotiating & Managing Global Contracts

• International Contract Negotiation: Explore critical considerations for negotiating contracts with international suppliers, including cultural differences and legal frameworks.
• Incoterms & International Trade Regulations: Understand the importance of Incoterms (International Commercial Terms) in defining responsibilities and risks in international trade.
• Contract Clauses & Risk Management: Examine key contract clauses related to pricing, payment terms, intellectual property protection, and dispute resolution.
• Best Practices for Managing Supplier Relationships: Learn how to build strong and collaborative relationships with your global suppliers for long-term success.

Day 4:  Logistics & Risk Management in Global Sourcing

• Global Logistics Management: Explore the complexities of international transportation and logistics, including customs clearance and transportation options.
• Risk Mitigation Strategies: Learn how to identify, assess, and mitigate risks associated with global sourcing, such as currency fluctuations and political instability.
• Quality Control & Inspection: Understand the importance of quality control measures and inspection procedures for imported goods.
• Compliance with International Trade Regulations: Gain insights into complying with various international trade regulations, including customs laws, product safety standards, and labour regulations.

Day 5:  Implementing a Successful Global Sourcing Strategy

• Developing a Global Sourcing Action Plan: Translate theory into practice by building your global sourcing strategy.
• The Future of Global Sourcing: Explore emerging trends and technologies impacting global sourcing practices.
• Course Wrap-Up & Q&A