Global Sourcing
Global Sourcing is the procurement strategy of sourcing goods and services from international markets to leverage economies of scale, lower costs, access quality resources, and expand market presence. This methodology requires knowledge of international trade, foreign markets, logistical complexities, and strong relationship management skills.
Level 1: Emerging
At an emerging level, you are developing knowledge of international procurement markets while starting to build relationships with global suppliers to diversify sourcing and improve supply chain resilience.
Level 2: Proficient
At a proficient level, you are able to effectively manage global sourcing strategies, including supplier selection, contract negotiations, and risk mitigation. You have a deep understanding of international markets and regulations.
Level 3: Advanced
At an advanced level, you are proficient in strategizing and executing global sourcing initiatives, demonstrating expertise in navigating complex international markets, driving cost savings, and managing supplier relationships effectively.
