Companies need to enhance their capabilities in sourcing and procurement to better handle challenges amid global economic uncertainties, participants said at the 2015 International Sourcing Forum.
“Sourcing and procurement have become increasingly important for companies to survive in today’s challenging economic environment,” said Christoph Feldmann, CEO of the Association of Materials Management, Purchasing and Logistics — an industry body in Germany with 9,200 members.
The challenges include demanding customer requirements, fast pace of technological innovations, as well as keen global competition.
“The most successful companies will be the ones who can best handle these challenges (and) a lot is related to their capabilities in sourcing and procurement,” Feldmann said.
The forum’s theme, “Made in China — the New Structure of International Sourcing,” is the prelude to the three-day International Sourcing Fair, which opens today at the Shanghai World Expo Exhibition and Convention Center.
The fair invites buyers to set up booths and list out what they expect to buy, reversing the traditional model of suppliers showing their products.
Last year’s fair sealed deals worth about US$240 billion.
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Tagged: Association of Materials Management Purchasing and Logistics, China, customer requirements, CWIIL Group of Companies, global competition, International Sourcing Fair, International Sourcing Forum, procurement, Shanghai World Expo Exhibition and Convention Center, sourcing, technological innovations