CPSM 1C1: Identify and assess international markets to source goods and services

The third part of the CPSM Exam 1 requires professionals to have a substantial understanding about the International Supply Chain especially the international market to source goods and services. 

CPSM 1C1 involves assessing the International markets to source goods and services. It is important for supply leaders to understand the international scene due to the competitiveness of the global market. Every business or organization should have a global perspective on sourcing goods and services.

 

CPSM 1C1 - International

Here are some key points that you have to know about in this section:

Cultural Awareness

As a purchasing professional, you should try to relate and understand the culture of the supplying country. Some practices in business transaction might not be acceptable to the culture of the supplying country.

For example, in some countries and organizations it may permit to submit a bid behind schedule, but in certain organizations like the public sector, a buyer is obliged to stick to the letter of the tender notice. So a situation can arise that a very good foreign supplier who has spent considerable effort in preparing bid documents is excluded because of a day’s delay in submission.

 

Accounting and Labor Practices

Supply chain leaders transact globally. One of the common issues in conducting business with other countries is the accounting practice.

There is an imposition in North America, which compels organizations to have detailed accounts payable and receivables whereas this may not be true in many Asian countries.

 

Infrastructure, Risk and Cost Benefit

You need to remember that everything is uncertain when it comes to international sourcing goods and services. When you take the CPSM exam, you have to remember that procurement professionals should keep in mind a lot of things, such as communication services, transportation, political stability and electricity. Thus, as a supply chain manager you have to weigh the risk of sourcing from other countries.

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