The Hidden Sourcing Gem- Eastern Europe
In today’s global economy, there are more options than ever before to support your supply chain. The abundance of options can mean sourcing materials and finished products can become an interesting puzzle.
There are competitive options and opportunities in the domestic and international markets. A business must analyze the advantages of domestic and international options and weigh the trade-offs that it might incur.
With over 15 years of global sourcing operations across the world, we are more than convinced that Eastern European countries are a gem for sourcing products and services. This region has become a go-to sourcing hub for very many companies.
Eastern Europe sourcing has immensely grown because countries like Slovakia, the Czech Republic, and Poland are some of the fastest developing countries not only in Europe but in the world. Driven by the entrepreneurial spirit, Eastern European countries have succeeded in building an engine for manufacturing goods.
Governments across the globe are easing up their trade restriction barriers in order to encourage global sourcing and more so, from European countries. Let’s take a dive and find out why Eastern Europe sourcing?
Trained personnel guaranteeing quality results
In 2017, Wired Magazine had termed Estonia as ‘the most advanced digital society in the world’. Belarus had acquired the title of ‘The Silicon Valley of Eastern Europe’ after opening a vast technopark. All these suggest that the region is highly lucrative and highly beneficial.
English proficiency makes it possible to communicate with suppliers and manufacturers.
One of the biggest challenges that companies face while sourcing is language barrier. In most European countries, English is often spoken and is mandatory in school.
Sourcing a product from Europe is therefore easy since Eastern European countries are proficient in English. This makes it is very easy for both the manufacturers and suppliers to deal efficiently with a company.
Cutting edge Innovation
As per a 2016 survey, outsourcing innovation helps firms increase quality by 58%, improve the user experience by 38% and lower the delivery cost by 44%. A hotbed of talent, this is the go-to region for firms desiring a competitive edge at cost.
Did you know eastern Europe is home to the research and development centres of global giants such as Dell, Boeing, Microsoft?
Cost-cutting can be achieved
The average salary of IT specialists is lower in Eastern European countries when compared to the U.S. This factor also plays a great hand in reducing the production costs of organizations.
Strategic location
Central and Eastern Europe are nearshore locations for most European organizations. This is a plus for businesses that want to reduce travel costs at large. If you are thinking of conducting sourcing and procurement activities in Eastern Europe you are on the right track.
Are you ready to tap this gem? Zignify Product Sourcing Company will walk with you throughout the entire product sourcing process. We are delighted to connect you with capable and reliable manufacturers and suppliers from across the globe who guarantee results.