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Global Sourcing in International Purchasing: Study Guide and Exam Review Questions

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Global Sourcing in International Purchasing: Study Guide and Exam Review Questions

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GLOBAL SOURCING in international
purchasing
Global sourcing is a business strategy adopted by companies to procure goods and services from
different countries to reduce costs, increase efficiency and access new markets.



Importance of global business in global sourcing



1. Increased competition



2. Advancements in technology




3. Globalization



Companies are sourcing raw materials, products and services from different countries to ;



• Reduce costs



• Access new markets




• Improve their supply chain efficiency.



Benefits of global sourcing



• Cost savings



• Increased market access


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• Improved quality



• Increased innovation




Advantages of global sourcing to companies



• Reduced production cost



• Increased profits




• Improved shareholder value



Challenges of global sourcing



• Language barriers



• Cultural differences




• Political instability



• Supply chain risks




Therefore, Global sourcing is a critical strategy for companies to remain competitive in the global
business landscape which with the right approach can help companies achieve significant success in
the global market place.



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