Manufacturing sourcing is fueling B2B growth

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Manufacturing sourcing is fueling B2B
growth What is B2B sourcing? Sourcing is a
business process decision that enables the
primary company to outsource its
production requirement to a
third-party manufacturer. The manufacturing
company has the expertise to produce and deliver
products as per the requirement of the sourcing
company. The two companies engaging in this
business partnership are not necessarily but
often based in different countries. Theres is
often a B2B manufacturer sourcing company
involved in liaisoning between the supplier and
the primary companies.

• What is the difference between sourcing and
  procurement?
• Though these two disciplines work hand-in-hand,
  they have distinct roles to play in the supply
  chain process.
• Sourcing is responsible for evaluating potential
  suppliers, selecting, and maintaining
  relationships with a list of vendors who match
  the production requirements of the company.
• Procurement, on the other hand, is only concerned
  with acquiring the required goods or services
  from the empaneled vendor(s).
• How to maximise your benefits from B2B
  manufacturing sourcing?
• You can follow the five steps given below
  to stay competitive with your sourcing
  efforts in modern times
• - Utilize supplier management software to connect
  with a wider network of suppliers worldwide.
• Get a price advantage by collaborating with a
  large group of suppliers with similar
• efficiency levels.
• Reduce your time-to-market by leveraging digital
  design tools to send and approve product designs
  in a jiffy.

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• Build your primary supplier base with
  manufacturers who think about product design
  and other relevant business aspects on your
  behalf. This will ensure you are on top of the
  market in terms of technological factors and
  product varieties.
• Optimise inventory spending and supplier
  compliance by regularly monitoring each vendors
  performance.
• What is the B2B manufacturing market size?
• India is the 6th largest economy in the world.
  From 2001-2020, Indias exports have grown at a
  CAGR of more than 17.
• By 2030, India is expected to become a
  global manufacturing hub and add 500
  billion to the global economy annually.
• India is on-course to touch 1 trillion in
  exports by 2025.
• What is the role of a consulting company in B2B
  manufacturer sourcing?
• A consulting company not only acts as a
  mediator but also guides the sourcing
  company in multiple areas such as finance, legal
  aspects, government compliances, quality control,
  and other critical business domains.
• You can rely on Industry Experts to guide you
  throughout the sourcing process.