Global Sourcing And Global Supply Management

1542 Words7 Pages
Global sourcing and global supply management are both very important concepts in global supply chain management. Global sourcing, on the one hand, is the process of procurement or obtaining much cheaper goods and services from foreign to domestic markets. Global supply management, on the other hand, can fit a narrative of implementation, maintenance, and control of strategic processes of buying, including outsourcing from low-cost countries. Many companies and international organizations today conform to such strategies to reduce total costs, gain a competitive edge over their competitors in the same marketplace, increased their organization’s profitability, meeting and exceeding shareholders’ annual returns and more importantly steadily optimizing customer’s satisfaction. In today’s international business environment, the world is seen as a global village where goods and services flow across geographical boundaries and territories for the common purpose of providing high-quality supplies to domestic and foreign markets at a lower price to satisfy today’s ever increasing demand for quality products and services. Here are some major forces that have made global sourcing and global supply management a reality for many contemporary businesses and industries. Some of these factors can be traced back from historical factors, technological changes, free trade agreements between countries, an increase in global competition and low cost of sourcing to mention a few. Historical

More about Global Sourcing And Global Supply Management

Open Document