Global Sourcing refers to the practice of sourcing from the global market for goods and services across geopolitical boundaries. Global Sourcing often aims to explout global efficiencies in the delivery of a product or service. These efficiencies include low cost skilled labor, low cost raw material, and other economic factors like tax breaks and low trade tariffs.
Global Sourcing is also a procurement strategy in which a business seeks to find the most cost efficient location for manufacturing a product, even if the location is in a foreign country.
Global Sourcing also has a second sourcing definition, i.e. global sourcing is sourcing products and sometimes services irrespective of national boundaries. It is particularly popular within the EEC countries in Europe and Asia. Both of these areas are less concerned with geographic boundaries.
Here at LEDVANCE SYLVANIA, we approach global sourcing in a few specific ways - all of which are listed below.
We source materials, services, and finished goods globally.
We have continental and global commodity managers that are constantly striving for global sources that provide competitive costs for labor, services, and materials.
We pool our common items to leverage our volumes.
We have established sourcing offices worldwide that search global emerging markets for competitive supplier partners.