For the first time in several years, the smartphone industry is experiencing a slump in its growth rate. As a response to the slightly deteriorating market, Chinese smartphone manufacturer Lenovo is planning to revamp its manufacturing supply chain and aims to establish its presence globally this year.

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According to the South China Morning Post, the two major initiatives and change in strategy was confirmed by Lenovo chief operating officer Gianfranco Lanci and chief marketing officer David Roman in two separate interviews.

"We need to complete [the revamp of Lenovo's smartphone supply chain] within this year to gain the advantage in managing inventory and parts supplies, as well as provide flexibility in the factory," Lanci said during the interview.

Many market analysts agree that the abrupt change in strategy by Lenovo was triggered by forecasts about the growing slump of sales globally in the smartphone industry starting this year.

Although forecasts are still positive, it is not as high as it was compared to last year and several years before. Worldwide, smartphone sales this year is predicted to grow by seven percent which amounts to about 1.5 billion units. That growth rate is significantly lower compared to last year's 14.4 percent growth record.

Normura analyst Huang Leping revealed in a report that Lenovo has reached the summit of $12 billion in smartphone sales and 6.4 percent global market share in a 12-month period, which ended in March 2015. This was achieved following the company's acquisition of Motorola Mobility from Google in October 2014 for a record $2.91 billion.

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