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Global sourcing initiatives and programs form an integral part of the strategic sourcing plans and procurement strategies of many multinational companies. Global sourcing is often associated with a centralized procurement strategy for a multinational, wherein a central buying organization seeks economies of scale through corporate-wide ...
Low-cost country sourcing. Low-cost country sourcing ( LCCS) is procurement strategy in which a company sources materials from countries with lower labour and production costs in order to cut operating expenses. [citation needed] LCCS falls under a broad category of procurement efforts called global sourcing .
Strategic vendor partnerships is another strategy the company is using in the sourcing process. Wal-Mart realized that in order for it to ensure consistency in the quality of the products it offers to the consumers and also maintain a steady supply of goods in its stores at a lower cost, it had to create strategic vendor partnerships with the ...
Strategic sourcing is the process of developing channels of supply at the lowest total cost, not just the lowest purchase price.It expands upon traditional organisational purchasing activities to embrace all activities within the procurement cycle, from specification to receipt, payment for goods and services to sourcing production lines where the labor market would increase firms' ROI.
Category management is an approach to the organisation of purchasing within a business organisation, also often referred to as procurement. Applying category management to purchasing activity benefits organisations by providing an approach to reduce the cost of buying goods and services, reduce risk in the supply chain, increase overall value ...
Category management is a retailing and purchasing concept in which the range of products purchased by a business organization or sold by a retailer is broken down into discrete groups of similar or related products. These groups are known as product categories (examples of grocery categories might be: tinned fish, washing detergent, toothpastes ...
Offshoring is the relocation of a business process from one country to another—typically an operational process, such as manufacturing, or supporting processes, such as accounting. Usually this refers to a company business, although state governments may also employ offshoring. [1] More recently, technical and administrative services have ...
In commerce, global supply-chain management is defined as the distribution of goods and services throughout a trans-national companies' global network to maximize profit and minimize waste. [1] Essentially, global supply chain -management is the same as supply-chain management, but it focuses on companies and organizations that are trans-national.
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related to: companies that use global sourcing strategy examples list