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raw material sourcing
At BSI we have developed relationships around the world for the last 30 years on globally sourcing innovative materials through strategic procurement of raw inputs from various parts of the world to develop new and advanced products. This process includes several critical steps:
Market Research and Analysis
- Identify Needs: Understand the specific innovative materials required for new product development.
- Market Trends: Study current trends, emerging materials, and potential sources.
Supplier Identification
- Global Supplier Database: Build and maintain a database of potential suppliers across the globe.
- Supplier Evaluation: Assess suppliers based on quality, reliability, cost, and sustainability practices.
Sourcing Strategy Development
- Cost Analysis: Compare costs from different regions, including transportation, tariffs, and taxes.
- Risk Management: Evaluate risks associated with geopolitical factors, supply chain disruptions, and environmental regulations.
Negotiation and Contracting
- Negotiation: Engage in negotiations to secure favorable terms, including price, delivery schedules, and quality standards.
- Contracts: Draft and sign contracts that protect intellectual property, ensure compliance with standards, and establish dispute resolution mechanisms.
Sustainability and Ethical Sourcing
- Sustainable Practices: Prioritize suppliers that use sustainable extraction and processing methods.
- Ethical Standards: Ensure suppliers adhere to ethical labor practices and environmental regulations.
Logistics and Supply Chain Management
- Transportation: Optimize transportation methods to reduce costs and environmental impact.
- Inventory Management: Implement efficient inventory management practices to maintain a balance between supply and demand.
Quality Control and Assurance
- Inspections: Conduct regular inspections and audits of suppliers to ensure quality standards are met.
- Testing: Perform rigorous testing of materials to ensure they meet the required specifications and performance criteria.
Technology Integration
- Data Analytics: Use data analytics to forecast demand, manage inventory, and optimize the supply chain.
- Blockchain: Implement blockchain for traceability and transparency in the sourcing process.
Continuous Improvement
- Feedback Loop: Establish a feedback loop with suppliers for continuous improvement in quality, cost, and delivery.
- Innovation: Encourage suppliers to innovate and provide new materials that can enhance product development.
We effectively manage these steps and BSI secures a steady supply of innovative raw materials, ensuring the successful development and commercialization of new products.