China Sourcing Swedbank. China Procurement
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1 1 China Sourcing Swedbank
2 AGENDA 2 Overview of China s macroeconomic evolution China sourcing today A China sourcing case To get success
3 CHINA IS ONE OF THE WORLD S FASTEST GROWING ECONOMIES AND AT CURRENT RATES WILL BE BIGGER THAN THE USA BY
4 4 CHINA YESTERDAY
5 5 CHINA TODAY
6 SOME KEY CHINA ECONOMIC MYTHS AND REALITIES 6 China economic myth Reality 1. The already developed coastal provinces are China s growth engine 2. China is increasingly dependent on exports and foreign investment to maintain growth 3. China is still a state-run economy 4. Foreign investors do not make money in China it is a long-term play the interior provinces are the bulk of the market and are growing fastest in the long term as a result of urbanization China s growth is largely domestically driven by high savings rates and increases in productivity the private sector now dominates the Chinese economy and funding is increasingly based on a capital markets model play to win, not play to play China is one of the largest sources of overseas profit for many large companies
7 AGENDA 7 Overview of China s macroeconomic evolution China sourcing today A China sourcing case To get success
8 CHINA NOT JUST A COUNTRY BUT A CONTINENT! 8 Shanghai Most industrial developed area east coast Economy cetre Over 300 world top 500 co. represented 19 million inhabitants 3 million visitors Office
9 EXPORT REGIONS IN CHINA 9 Pearl River delta (Guangzhou Kanton ) Yangzi River (JiangSu, ZheJiang, Shanghai) Shandong province. Guangzhou Shanghai
10 THE CHINA SOURCING ENVIRONMENT IS FUNDAMENTALLY DIFFERENT FROM THAT OF DEVELOPED COUNTRIES HOWEVER 10 Developed country norms Suppliers familiar with normal requirements for qualification/due diligence processes Suppliers used to RFX processes and able to complete them quickly Established suppliers, familiar with your own specs and requirements Credit evaluation and working capital finance control financial risks of supplier default You are important to your suppliers* China situation Western standards of due diligence and QA/QC often unfamiliar and onerous Most suppliers unable to handle typical RFX documentation, particularly in English Suppliers typically have weak design and engineering capabilities, and struggle with unfamiliar/incomplete specs: language gap exacerbates the problem Many suppliers particularly fast-growing ones - struggle with weak capitalization: credit evaluation is not very useful, and the banking system is bad at working capital finance Good suppliers can easily keep themselves busy with domestic business, and may not be interested in working with high-maintenance Western customers: often you need to prove that you are serious Internal customers know and are comfortable with established suppliers Major fears and prejudices need to be overcome * Increasingly not the case in segments where developedcountry suppliers have capacity constraints Source: Interviews, team analysis
11 OVER TIME INCREASINGLY COMPLEX PRODUCTS HAVE BEEN SOURCED SUCCESSFULLY FROM CHINA 11
12 TODAY CHINA SOURCING IS AN ACROSS THE BOARD PHENOMENON 12
13 AGENDA 13 Overview of China s macroeconomic evolution China sourcing today A China sourcing case To get success
14 LOW COST COUNTRY SOURCING - LOOKING FOR WHAT SUPPLIERS 14 Level Quality Delivery Service Managemnt Cost 1 World Class On time Mft+QC plan acc your data Cont. improvement Little saving 2 Very Good Usually on time Helps in preparing Meet cust requirement Some savings 3 Acceptable Frequent misses Requires assistance to implement Accepts cust requirement Best chance 4 Fails company standard Usually misses Lacks equipment and skills Some in place Not acceptable 5 Fails industry standard Unreliable Does not understand requirement No QC process Not acceptable
15 SAVINGS POTENTIAL FROM GLOBAL SOURCING BASED ON A CAR 15 Characteristics Examples % of total materials costs Global sourcing hypothesis Potential savings in % 1 Cost driven predominantly by labor Compressor valve Alternator pulley 8 Go to country with sustainable low labor costs 74 2 Technically sophisticated, high labor requirements Brake caliper assembly Steering pinion 16 Invest in capabilities of supplier with low labor costs 64 3 Average parts (costs driven equally by labor, materials, capital) Battery tray Seat cover 11 Made decision part by part 49 4 Technically sophisticated, low labor requirements Camshaft Engine block 27 Go to nearby low-cost, high capability supplier 22 5 Costs driven predominantly by raw materials Wiring harness Carpet 9 Go to supplier with sustainable low materials costs 19 Local parts Difficult to ship parts for example bulky or fragile items Fuel tank Windshield 29 Stay at home N/A
16 THE BENEFITS BY COMMODITY CAN BE DRAMATIC WITH UP TO 60% COST REDUCTION ACHIEVED 16
17 PAY ATTENTION ON HOW TO INCORPORATE CHINA SOURCING TO LOWER PRICES AND RISK FOR MANY CATEGORIES 17 Why go to China? 1. Potential to obtain direct cost savings due to China s lower cost base, particularly for labor 2. Use the China price to negotiate reduced prices from existing domestic suppliers by gaining greater visibility into the true cost base in low-cost Countries 3. Avoid risks of delays or disruptions in material shipments by diversifying the supply base (especially important on large projects like client) When should China be considered? Whether to source items from China should not be a "one shot" decision but rather should be based on a series of screens with increased levels of research at each phase. Some initial questions are: 1. Is the category large enough to warrant the effort? 2. Is offshore sourcing even feasible? (e.g., highly customized or fragile items) 3. Do Chinese suppliers have experience exporting these types of items? 4. Do we have reasons to believe that Chinese suppliers are significantly cheaper than our existing suppliers for these items?
18 CHINA SOURCING INITIATIVE CAN ALSO DELIVER SOFT BENEFITS THAT WILL BE LEVERAGED IN FUTURE GLOBAL SOURCING INITIATIVES 18 Soft benefits Set up a sourcing activities in China Developed and documented a world class sourcing process Recruited and trained a global sourcing team in advanced PSM tools Developed strategic supplier list and associated detailed supplier profiles Designed a supplier assessment and management system Established relationships with third party service providers (e.g., quality assessment, logistics)
19 AGENDA 19 Overview of China s macroeconomic evolution China sourcing today A China sourcing case To get success
20 20 CHINA SOURCING WHAT IS IT ALL ABOUT The China Price China is the biggest production center in the world Low labour cost allows low manufacturing cost Rapidly increasing technical and management know how technical engineer graduates every year Sourcing out of China is far below potential
21 THINK ABOUT 21 Supplier evalution and develop Clear specification Private, JV and state-owned companies QA/QC Logistics and delivery Business relationship need time to establish Better trust/relationship = Better terms and conditions
22 OPPORTUNITIES 22 To decrease YOUR costs for a wide range of products with efficient sourcing from China Direct effect with reduced cost for material sourced Indirect effect on the price level in our home markets
23 CHALLENGES 23 1, Find and assess supplier potential (desk procurement vs field procurement) 2, Communication issues (direct, drawings, standards, expectations, materials) 3, Logistics (packaging, inventory, shipment, lead times, distribution) 4, Ongoing development of supplier and coaching 5, WYSIWYG (what you see is what you get) 6, Volumes (often small qty s) 7, Other Chinese practises
24 24 KEY MESSAGE Have the know how Have the processes in place Have the sourcing and quality control resources Are at the right location (access to supplier base) Sitting at your desk, getting a nice price from a supplier far away in a Low Cost Country does not equal to potential savings Purchases from Low Cost Country is different from a mature market. Total cost concept is the key to truly compare potential suppliers
25 25 HOW TO START 1, In place by youe self and your team 2, Select and confirm suppliers 3, Communicate with production engineer and/or quality manager for all requirements - drawings, standards, expectations, materials, packaging, inventory, logictics, lead times etc 4, Step by step (sample confirmation preproduction quality production delivery) 5, Continuely dialog and development of supplier and coaching 6, Etc
26 SPECIFICATION 26
27 LOGISTICS MAY BE NOT A PROBLEM!? 27
28 SOME QUESTIONS FOR YOU TO CONSIDER How large is the opportunity for YOU? 2. How to prioritize the sourcing effort? 3. How to manage China sourcing in a complex multi-stakeholder environment? 4. How to best establish and coordinate teams in different locations? 5. How to source design driven products? 6. How to deal with unique technical standards and certifications in the sourcing process? 7. How to best manage suppliers at both the strategic and operational level throughout the sourcing process? 8. How to develop the necessary capabilities in your sourcing team? 9. How to engage in supplier development?
29 Thank you for your attention! - welcome to China - Skanska China Office Michael Yue 29
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