IMPORT MANAGEMENT Introduction Today's business environment, perhaps more than at any other time in modern history, demands a continuous search for new sources of competitive advantage. Lasting success requires steady and sometimes drastic cost reductions, quality and delivery improvements, reduced cycle times, and improved responsiveness to customer, competitive and financial market demands. As organizations think about the best way to respond to these demands, the development of global strategies and approaches, including global sourcing strategies, will become an increasingly attractive option. Since most organizations do not have in place well-developed global sourcing strategies, improvement opportunities are indeed attractive and largely unrealized. The global sourcing involves proactively integrating and coordinating common items and materials, processes, designs, technologies & suppliers across worldwide purchasing, engineering and operating locations. While integrated global sourcing has yet to receive the attention it deserves from executive leadership or the academic community, this topic will very soon receive increased scrutiny as organizations will search for new ways to compete. Looking across most industries results in one clear conclusion--competition & customer pressure to improve is relentless and severe. Those firms that succeed will be the ones that have learned how to leverage & coordinate their activities on a worldwide basis. For many, integrated global sourcing may well offer one of the best opportunities to achieve the kinds of performance breakthroughs and consistency required to compete in highly competitive markets & therefore there is a need for a greater understanding of integrated Global sourcing. During the late 1980s and early 1990s, a great deal of research focused on various aspects of international purchasing. Most researchers have concluded that unit price reduction (although not necessarily total cost reduction) is the primary benefit realized from international purchasing. One view maintains that technological and organizational advances have reduced the cost and increased the speed of transportation and communication, thereby facilitating international purchasing. A second view counters that distance remains a significant barrier to conducting business and that the true costs of international purchasing are often under-estimated or unknown. Other international purchasing benefits include greater access to product and process technology, higher quality and the ability to introduce competition to the domestic supply base. Definition The term ―Imports‖ may be defined as a process of procuring Goods and Services from the supplier/s situated in the Foreign Countries. This activity involves inflow of goods & services from the foreign country (exporting Country) into the Base Country (Importing Country) & In-turn Outflow of Foreign Currency from Base Country to the Foreign Country towards payment for the Goods & Services Purchased. Buying internationally is a specialized activity and requires an expertise, skills and detailed knowledge of many aspects of procurement that you don't have to worry about when buying domestically. Buying internationally is much more complex than buying domestically. Differences in cultures, laws, EXPORTING COUNTRY IMPORTING COUNTRY GOODS & SERVICES MONEY IN FOREIGN CURRENCY

Bms Imports 4th Semister

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