An expert last week called upon Sri Lankan firms to implement a sound ‘sourcing strategy’ in order to help improve the overall business performance by sourcing the right products at the right price and at the right time. Addressing a seminar organized by the Ceylon Chamber of Commerce, Tom Albrigston, a director at the Norway based Fair Deal AS, said it is important for firms to have an ‘effective sourcing strategy’.

‘Many firms ignore this point, even though they have strategies in place for marketing, finance, product development and sales etc.”, said Albrigston of Fair Deal, which is working together to create a platform for Sri Lankan importers to source goods at the factory cost.

Albrigston also said, a sourcing strategy will help importers to explore product options, locate ideal partners, help negotiate better prices and also reduce the risk of ‘sourcing failure’.

The seminar was also addressed by Jan Erik Groos, CEO and Chairman of the Norway based Fair Deal AS, who said the latest effort by Fair Deal AS and CCC will help local importers mainly source goods from China, South Africa, and from Baltic Countries.  ‘We help importers source semi-furnished goods, raw materials, consumer products and also marketing materails’, he said.