UPS

The growing interest in international markets continued in 2008, spurred on by a sluggish U.S. economy, weakened dollar and strong growth markets in Europe and Asia. It’s clear that global trade will remain a business priority in 2009. However, despite the focus on global sourcing and buying-selling overseas, many companies today cite global market access as one of their biggest challenges. To determine whether they are equipped to succeed in the global marketplace, companies should take a close look at their supply-chain strategies and at how those strategies align with their overall business goals. For example, more companies are looking at near-sourcing initiatives to insulate themselves from potential disruptions (e.g., uncertain fuel costs) in an extended supply. In addition to the right sourcing strategy to meet their evolving business models and goals, companies should ask themselves whether they have: -- Regulatory knowledge across borders to keep products from being held up in the supply chain and avoid costly noncompliance errors. -- Access to an expansive logistics and transportation network that can get products to customers at the right time, even in places where infrastructure is less developed. -- Access to multiple modes of transportation so there is always a backup plan when unexpected factors arise. -- Supplier management solutions that enable them to manage vendors on a global scale, which is critical for ensuring uninterrupted customer service. -- Visibility across their supply chains to know where products and goods are at all times and to make important decisions. -- Flexibility across their supply chain to adjust inventory as needed. By implementing the right supply-chain strategies, companies can position themselves to capitalize on new market opportunities and discover how an increasingly “flat” world can positively impact their bottom lines.