1. Global Sourcing and Procurement

Global sourcing and procurement refer to the practice of businesses finding and purchasing goods and services from sources around the world rather than just locally. This approach allows companies to access a wider range of products, often at lower costs, while also taking advantage of specialized skills and resources in different regions. By carefully managing these global relationships and supply chains, businesses can improve efficiency, reduce expenses, and enhance their competitiveness in the market. Essentially, it's about getting the best products and services from the best places, no matter where they are located.