How do you source for a NEW product line from the scratch if newly appointed your company's BDM? What factors would you consider while sourcing?

Product sourcing has been changed, but not completely revolutionized. As a BDM, personal relationships with suppliers remain important. 

The intelligence, creativity and hard work of people still make the difference between good and bad sourcing.

The challenge is to figure out what that means for your business, and only you can do that. Here are a few tips for effective sourcing: 

1- Start With Marketplace Research

2- Use a Model That Works for Others

3- Go to Trade Shows

4- Drop Ship Differently

5- Get Close to the Source

6- Get Off the Bandwagon

7- Don’t Rely on Bulk Buying

8- Get to Know Your Supplier

9- Make Sure Your Supplier Knows Their Stuff

10- Have a Backup Plan

Finding what you need isn't quite the needle-in-a-haystack task it's envisioned to be.  There are a lot of existing channels used to match up manufacturers and distributors of products. Start up process to maximize the potential result of a strategic sourcing effort could include:

• A spending analysis by reviewing and classifying all expenses by spend category
• Simultaneously, I would rank these categories by their business impact, level of difficulty, value improvement potential, time and speed to accomplish & complete
• Significant data mining and information gathering
• Investing in a value analysis to ensure your company is receiving the optimum value
• Market Analysis
• Formulating Strategy: Reengineering of Product & Processes
• Generating new ideas and a competitive advantage from suppliers perspective
• Final decision: Comprehensive plan/ business strategy with a timeline of change