Definition of Global sourcing:
A sourcing strategy in which the company tries to find the most profitable places to manufacture the product, even if it is located outside the country. For example, if a toy maker finds that overseas production and transportation costs are lower due to lower wages for foreign workers, the company may close its domestic factories and relocate to foreign Can bring producers. See also Outsourcing, International Purchasing Organization (IPO).
How to use Global sourcing in a sentence?
- The Internet is a huge global resource, where companies develop their products at low cost so that consumers have a better idea of what they are actually paying for.
- It seems as if our lives depend on them, and for good reason we can't keep companies and factories here. I think we can connect with the economy and global supply to end it.
- You should try to build a good global sourcing team so that you can respond to what is happening in the world.
Meaning of Global sourcing & Global sourcing Definition