Factory Audits = Better Suppliers = Better Quality Products. Real Data Analysis! (Feat. Prof. Neale O’Connor FCPA)

In this episode... Sofeast's CEO Renaud has an interesting guest on this episode: Prof. Neale O’Connor who is a China business and accounting expert and international keynote speaker! Neale examined lots of Sofeast factory audit, product inspection, and manufacturing project data to determine the relationship between factory audits and good-quality products. He also checked thousands of complaints about Asia-wide suppliers from Global Sources data to work out if there were actions that importers could take to mitigate the chances of being scammed. In this episode, you'll hear some very insightful results from his research that can help you source and work with better suppliers, reduce your risks, and avoid scammers!   Show Sections 00:00 - Greetings, introducing the topic, and our guest, Neale. 02:10 - Why Neale examined hundreds of our factory audits performed pre-covid to find the main patterns. 06:05 -Why product inspections/audits are different? 08:47 - What is the data saying about the incidents of pass/fail/hold aspects in product inspections? 14:11 - What did the data tell us about factory audits? 19:21 - How to reduce the number of factory audits you need to do if you only plan to work with one supplier? 21:23 - What does the data tell us about complex products? 23:47 - The takeaway from the Sofeast data analysis. 24:48 - Four key ways to avoid being scammed by Asian suppliers. 35:14 - Summary and wrapping up.   Related content... Listen to this 9-episode mini-series where we teach you how to source safely from China and develop the suppliers you’ve found for even better results once you start working together. Click here to listen 👉 DIY Sourcing from China Series Download your free copy of our 80+ page eBook: Ultimate Guide To Sourcing From China And Developing Your Suppliers Sofeast provide you with all of the activities discussed in this episode across Asia: to find new suppliers, perform background checks on them, do factory audits, and inspect product quality Connect with Neale on LinkedIn Tech Asia YouTube channel - see more of Neale's videos here   Get in touch with us Connect with us on LinkedIn Send us a tweet @sofeast Prefer Facebook? Check us out on FB Contact us via Sofeast's contact page Subscribe to our YouTube channel   Subscribe to the podcast  There are more episodes to come, so remember to subscribe! You can do so in your favorite podcast apps here and don't forget to give us a 5-star rating, please: Apple Podcasts Spotify Stitcher Google Podcasts TuneIn Amazon Podcasts Deezer iHeartRADIO PlayerFM Listen Notes Podcast Addict Podchaser