Global sourcing strategy is an official business term used to describe the process of sourcing goods and services from suppliers around the world. This strategy is used to leverage the advantages of global markets and to reduce costs. Companies use global sourcing to access the best quality products at the lowest cost. It also helps them to gain access to new technologies, expand their product range, and increase their market share. Global sourcing strategies are designed to take advantage of the different economic, cultural, and political environments of different countries. Companies must carefully evaluate their options and determine which countries offer the best opportunities for their business. The goal of global sourcing is to create a competitive advantage and increase profitability. Companies must be aware of the risks associated with global sourcing, such as political instability, currency fluctuations, and language barriers. Companies must also be aware of the legal and ethical implications of global sourcing. By implementing a global sourcing strategy, companies can benefit from the advantages of global markets and create a competitive advantage.
