How to open your supply chain to the global marketplace

Despite changes in the Foreign Policy of the United States with regards to international trade, and the ongoing discussions between the United Kingdom and the European Union with regards to Brexit, we live in an ever growing and ever more global society, and it’s no different when it comes to our businesses.


What does this mean for my supply chain?

Simply put, the more links you have in your supply chain, the longer and more productive the reach. Gone are the days when businesses looked to local, or even national suppliers to fulfil their needs, businesses of all sizes are looking to the wider world to gain and maintain supplier relationships.


By casting a wider net in your search for your supplier, you can reduce your cost, lead times or production requirements by finding the right supplier for your specific needs. All this leads to an opportunity to increase profit margins for your business.


Doing business in the global marketplace

There are other benefits too to looking further afield for your suppliers. By putting your business on the international stage, you are also opening your business to potential customers with which you can trade. Although not a direct goal of seeking your suppliers on a global scale, it is inevitable that by putting your company and products in the wider domain, you are more likely to get noticed.


How to take your supply chain global

There are many methods to taking your supply chain global. You can use traditional procurement and tender methods using journals, publications and networks or you can rely on agencies and businesses to perform your procurement for you. You can also use the internet to increase your visibility and manage your own process.


Websites such as Scanmarket offer eAuctions, for example. The eAuction process allows you to clearly define what it is that you are looking for and what your terms are. You can configure your bidding rules, starting process and feedback options, and more besides.


Why choose the eAuction process

The eAuction gives you the control to not only find your own suppliers, it also allows you to have full control over the process from start to finish. You can choose different auction types to suit your individual needs, these include Japanese, Dutch and Reverse options.


The dynamics of the online environment, however, is the real bonus here. You can manage your procurement and supply chain in real time and therefore interact with your potential suppliers to make sure you get the best deals for you.


For more information on what Scanmarket’s eAuction software can do for you, visit their website.