// ROBOTICS AND SMART FACTORIES TERM
Global Sourcing
Global sourcing is the practice of procuring goods and services from the most cost-effective locations around the world, regardless of national borders.
TECHNICAL DEFINITION
Global sourcing is a strategic procurement practice where organizations identify and acquire raw materials, components, or finished goods from suppliers located in different countries to leverage cost advantages, specialized expertise, or unique resources.
BACKGROUND
The Fourth Industrial Revolution, also known as 4IR, Industry 4.0 or the Intelligence Age, is a neologism describing rapid technological advancement in the 21st century. It follows the Third Industrial Revolution. The term was popularized in 2016 by Klaus Schwab, the World Economic Forum founder and former executive chairman, who asserts that these developments represent a significant shift in industrial capitalism.
READ MORE ON WIKIPEDIASYNONYMS & ALIASES
- International procurement
- offshore sourcing
- worldwide sourcing
- global procurement
USAGE NOTE
Global sourcing can reduce costs but introduces complexities like longer lead times and currency fluctuations.
DEVELOPERS
Organizations developing technology related to Global Sourcing.
A leading provider of cloud-based procurement solutions, enabling companies to manage their entire sourcing and supply chain processes globally.
Offers a comprehensive business spend management platform that includes strategic sourcing, supplier management, and global procurement capabilities.
Provides concurrent planning platforms for supply chain management, helping companies achieve end-to-end visibility and agile global sourcing strategies.
A networked supply chain platform that connects trading partners for real-time visibility, collaboration, and optimized global sourcing and logistics.
Offers a suite of spend management solutions, including advanced sourcing, supplier management, and contract management for global enterprises.
Provides AI-powered digital supply chain and commerce solutions, enabling companies to optimize global sourcing, planning, and fulfillment.
Offers a comprehensive suite of cloud-based supply chain management (SCM) and procurement solutions, supporting global sourcing, supplier collaboration, and risk management.
Delivers a complete, unified spend management platform that helps organizations worldwide manage their sourcing, procurement, and supplier relationships.