To consistently provide the best products and services, a supply chain business must prioritize its material sourcing processes. This is why leading companies utilize global sourcing strategies to stay ahead of competitors.
The global sourcing strategy makes a major difference to supply chain businesses through unlimited access to quality materials from around the globe. Unlike local sourcing, global sourcing expands your business partner network and potential to serve clients. In addition, you can select cost-effective materials with better specifications to satisfy client requirements, resulting in higher business margins.
According to a recent survey conducted by Robert J. Trent and Robert Monczka from Michigan State University, many renowned supply chain companies in the US were able to reduce operational costs by 15 – 25% after applying a global sourcing strategy to their processes.