Globalization signifies that world trades and financial markets are becoming integrated. This means that today more than ever businesses are presented with ample opportunities when it comes to supporting their supply chain. However, this abundance of opportunities can itself become a riddle to solve when sourcing materials and finished products. This is because given that there are numerous competitive opportunities and options both in the domestic and international arena, a business must weigh the outcomes that both can offer before investing.
Currently, Eastern Europe is emerging as one of the best global procurement service hubs and becoming the desired destination of global investors. The main reason behind this is that Eastern Europe is undergoing a lot of changes both in political and economical terms. Although China has always been the ‘holy grail’ of procurement services, times are changing now. Taking a look at the benefits that Eastern Europe procurement offers will likely make it clear how the region has grown immensely.
Top Benefits of Eastern Europe Procurement Services
Let’s understand how we can benefit by sourcing from Eastern Europe.
Strong growth in the labour market
Eastern Europe is emerging as one of the most desirable procurement hubs as the region can provide services at low labour charges. Plus, the workers there are exclusively trained, and skilled and can offer impeccable services. This is why an increasing number of business houses are considering to avail of Eastern Europe Procurement services.
Cutting edge technology
The use of advanced and cutting-edge technology makes Eastern Europe the target of many global investors. Given that technologies are quickly becoming redundant as new technologies are replacing them faster than imagined. Every business wants to procure the most advanced products and services at the earliest to stay ahead of the curve. This is why they are choosing Eastern Europe for it can provide the advanced goods and services, investors are seeking.
English proficiency
Communication plays one of the biggest hurdles in the global sourcing process. In this case, sourcing from Eastern Europe can be a cakewalk as English is one of the most spoken languages globally and suppliers there are proficient in the language. Thus, when the language barrier can be evaded, effective communication will make the sourcing process smoother, faster and more effective. Plus, you can easily convey your needs, specifications and expectations about the supplies to the manufacturers.
Cost-cutting
The average salary in Eastern Europe is comparatively lower than in many other countries. Moreover, Eastern Europe economies are parts of the EU that is the European Union and can avoid import duties. Thus, the region can offer sourcing services at market best prices, as they cut down their production costs.
Strategic location
Most of the countries in the Eastern Europe region are very strategically located making them very easily accessible and easy for the suppliers and marketers to collaborate smoothly. Strategic locations are preferred because they reduce travel costs, which is a factor that hugely influences business owners’ decisions.
Conclusion
Given that Eastern Europe is flourishing in trade and global investors are categorizing it as one of the highest growing economies right now. Countries like Poland, Bulgaria, Hungary, Slovakia and other Eastern European countries are acknowledging their strength and are fast developing themselves. Thus, if you are considering to source from Eastern Europe and, want to know more about the facilities that the region can offer, you can contact an expert sourcing agency for the best guidance.