A corporation can save money using low-cost raw materials or skilled labour from low-cost countries by using the global sourcing approach, which involves purchasing goods and services across geographical boundaries.
Utilizing superior expertise, resources, and technology outside their own country can benefit enterprises.
Global sourcing is an essential element for a domestic manufacturer to use in order to compete in a global market.
Global Sourcing is an essential element in finding the perfect candidate in the competitive global marketplace.
There are basically five key challenges of global sourcing these are:
1. Accelerating International Expansion
2. Technology and Data Analytics
3. Recruitment and Compliance
4. Cultural Issues
5. Human Resources as Strategic Contributor