Global Strategic Sourcing is a business process that involves the systematic identification, evaluation, and acquisition of goods and services from external suppliers. It is a comprehensive approach to sourcing that focuses on the entire lifecycle of the product or service, from supplier selection to contract negotiation to delivery and payment. Global Strategic Sourcing is a critical part of any organization’s supply chain management, as it helps to reduce costs, improve quality, and increase efficiency. The process involves the evaluation of suppliers on a global scale, and the negotiation of contracts that provide the best value for the organization. Global Strategic Sourcing is also an important part of risk management, as it helps to identify and mitigate potential risks associated with the sourcing process. Ultimately, Global Strategic Sourcing helps organizations achieve their goals of cost savings, quality improvement, and efficiency.
