Global Sourcing Necessitates Operating in a Competitive Environment

In this generation of tough competition it is vital to reduce costs and increase profitability. One of the most convenient ways of achieving this is to reduce production cost ideally achieved by reducing procurement cost of different factors of production. Land, human resources, capital, technology and raw materials are the ingredients for a manufacturing unit. With opening up of markets and global sourcing it has become easier for producers of goods and services to procure these factors of production at cheapest rates.