Question

provide two examples of resources available for firms seeking to implement successful sourcing practices. list the name and explain how they assist.

Answer 1

Ans: There are two resources available for a firm to implement a better sourcing services are:-

1. Transportation

2. Market data

Transportation:- Transportation facilities helps to keep firm's all over supply chain to make the sourcing services very smooth for benifit. It is also important for firm's efficiency, decrease whole lead time and improves to save money in difficult times.

Market data:- A better market data helps the firm to understand market situation.for example- what products is on demand so firm can sourcing for that. Market information helps to increase the profit and reduction in the cost of sourcing services which helps in increase in revenue of the firm and also as well as promotes growth of the that firm. A market data can be done through various techniques of gathering information from the market through wholesalers, retailers and face to face contact between the customers.

If you have any doubt regarding this answer then let me know and if you like it then gives me a thumbs up.

Thank you!