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GLOBAL SOURCING in international
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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 ;
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• 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
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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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