* Global sourcing: a business purchases materials, manufacturing components, or services from around the world, taking advantage of international wage gaps by contracting low-cost goods and services in foreign locations.

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16-12-2022
Business

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* Global sourcing: a business purchases materials, manufacturing components, or services from around the world, taking advantage of international wage gaps by contracting low-cost goods and services in foreign locations.

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Tutorconsortium434 Tutorconsortium434 · Answer 1 · 2022-12-21T11:31:41+01:00

Global sourcing is a business technique in which a corporation contracts for low-cost goods and services in other countries, taking advantage of pay differences across borders.

What is the key benefit of global sourcing?

One of the key benefits of global sourcing is cost reduction. Particularly in low-cost areas, many overseas suppliers and manufacturers provide their services at a competitive rate. Businesses can frequently purchase things at a cheaper unit cost because manufacturing costs are typically lower.

How might sourcing strategies raise productivity?

The study discovered that strategic sourcing helps the organization to focus on its core functions that help the firm gain strategic advantage while also acting as a mechanism by which business conditions or problems are alleviated in a manner that is more efficient or effective.

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