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- W2253668376 abstract "This research evaluated the applicability of low cost country sourcing strategy for SMEShip Supply companies in Singapore. A literature review on low cost country sourcingand supplier management was done. The risk factors were also identified. Primaryresearch by way of interviews with selected purchase executives was followed by asample order from China identified as the low cost country through a small Singaporebased company. The research questions, findings and conclusions are as below:Research question 1What are the Supply management processes adopted by companies in the marinesupplies industry that apply to local settings?The supplier management practices in the ship supply industry in Singapore are asbelow: Contracts and long term agreements Consolidated Purchasing Lowest Total Cost Selection Vendor Managed InventoryResearch question 2How to improve the purchase prices for local ship supply companies by way of globalsourcing strategy for competitive advantage.1. The research validated that small companies can also do sourcing from low costcountry like China with appropriate risk management.2. The bigger and medium companies are already practicing LCCS.3. The low cost sourcing country at the present moment is China.4. Long term contracts and better supplier relationship can improve sourcing costs.5. The company should have in place the required skill sets and the support andinvolvement of senior management is a critical requirement.Research question 3What are the risks involved in this global sourcing process and how these issues can bemanaged by a local ship supplies company? Is creating portfolios of products a goodprocess for risk mitigation?Risks identified are as below:1. Quality, Supply delays, Wrong cost estimations, Geographic, Economic andCultural distance.2. Regulatory and political difficulties, tariff barriers and ethical standards.3. Fluctuations in currency exchange, Infrastructure risks in power supply,Telecommunications and logistics.The following risk mitigation measures were adopted in the observational study: By doing a country analysis and understanding the cultural factors. By having a dedicated staff familiar with China and who is held accountable forthis activity. By selecting a supplier referred by the company’s principals in Hong Kong.The product portfolio purchase strategy towards risk management needs furtherresearch." @default.
- W2253668376 created "2016-06-24" @default.
- W2253668376 creator A5089632379 @default.
- W2253668376 date "2015-06-01" @default.
- W2253668376 modified "2023-09-27" @default.
- W2253668376 title "Evaluation of applicability of low cost country sourcing for competitive advantage in the ship supply industry in Singapore" @default.
- W2253668376 hasPublicationYear "2015" @default.
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