30 Most Innovative Companies 2019
The online retail spending is growing by the day which in turn is also affecting how companies cater to their customers. This has also changed the distribution. Omni-channel distribution is becoming mainstream and changing E-commerce. But there are challenges that plague omni-channel distribution. These are being addressed by Sourcing Solutions’ new Omni-Channel Distribution division.
Sourcing Solutions was founded in 2010 and is headquartered at Costa Mesa, CA. With a professional management team which consists of many market veterans, the company is a force to be reckoned with in the space. We talked to Sourcing Solutions’ CEO Larry Weng, to understand what distinguishes their product.
What was your company’s recent innovation?
We have established a new division for Omni-Channel Distribution (OCD). This division combines a multitude of specialties into one scalable platform. The OCD platform is a platform for services and tools that are designed to assist manufacturers to navigate through the landscape of B2B sales through E-Commerce Marketplaces and broadline distribution. Such a value proposition for manufacturers has never been made available from a partner before.
Tell us more about the OCD platform.
The OCD platform provides a wide variety of services and tools for manufacturers which help them facilitate sales and marketing for broadline distribution and E-Commerce Marketplace. The platform also helps them manage the whole lifecycle of inventory dispensation, refurbishment, and liquidation.
The OCD platform assists in providing a unified brand protection strategy that can protect against bad actors who use channel conflict to harm a brand. Additionally, it ensures full service fulfillment and support for logistics.OCD extends an industry leading customer service and support to its users.
Does your firm see innovation as a single time process or a continuous one?
Innovation cannot be a single time process. For, OCD it is a never-ending journey. The E-Commerce marketplace and broadline distribution sales landscape are constantly evolving and rapidly changing, which is inspiring the OCD team. With rapidly evolving technologies and the downstream sociological effects they have on today’s connected world, workplace innovation is a core tenet for the future success of Omni-Channel Distribution. We are constantly innovating to rise to the challenge by implementing new ideas and solutions to meet partner needs.
How appealing is your company in the current market?
We are seeing a rapid and continuous growth of the online retail spending and additionally, the convergence of B2B purchasing has been on the rise too. This has presented us with a unique opportunity to solve and bring awareness about the real issues which affect the manufacturers. These manufacturers are often unaware or unequipped to handle these issues. Our offering helps them address this.
How do you prep for unexpected situations?
At Sourcing Solutions, we believe in a plan. We develop a plan with all the information available and look to adapt quickly if something deviates from the plan. We take everything into consideration including everything we know, everything we do not know, and also everything we get to know along the way.
What kind of industry problems have you turned into opportunities?
The B2B purchasing convergence between broadline distributors and E-Commerce marketplaces are happening at an unprecedented pace. This convergence has presented a unique opportunity to reinvent how manufacturers, distributors and marketplaces interact today. Our OCD platform is built to help them.
Moreover, with the growth of B2B purchasing convergence, channel conflicts are also on the rise. This has also presented to us the opportunity to acquire a deep understanding across multiple sales channels and the tactics of bad actors, to help the manufacturers develop a coherent and implementable brand protection strategy.
What according to you are the 3 important things required for team effectiveness?
At Sourcing Solutions, we believe in a culture that brings the team together and unites us towards achieving our common goals. Beyond this, our vision is the rallying cry of our business. It gives our team the purpose to work diligently to achieve something.
We are never satisfied with what we achieve; we continuously desire to achieve more, which drive results. A team that humbles itself and strives to always remain hungry can never become complacent. It is this hunger that defines us.
What is your firm’s rule of thumb?
We believe in treating every failure as a genuine opportunity to learn and grow. This enables us to learn and keep growing faster than our contemporaries.
What are your future ventures?
Our OCD division is currently focused on developing and growing the capabilities and scalability of the Omni-Channel Distribution platform to foster success that will benefit both the OCD team and its partners.
Sourcing Solutions leader
Larry Weng, CEO
Mr. Weng has over 18 years of experience in advertising, secondary market, E-Commerce, and broadline distribution sales and operations. He is a serial entrepreneur by nature who is always on the look-out for new opportunities and partnerships. He loves to invest in people and see them grow.
"We take everything into consideration including everything we know, everything we do not know, and also everything we get to know along the way."