Energy prices skyrocketed, risks from unforeseen natural disasters and political upheavals soared, and intellectual property protection posed greater challenges than first thought. Suddenly the quest for cheap labor was not always translating into cost savings.
Supply management professionals agree that a low-cost-country sourcing strategy has lost some of its luster. While low labor costs and prices will always be part of a sourcing strategy, they no longer are the centerpiece. Today's best-practice supply management leaders are developing sourcing strategies built on a foundation of value creation, total cost of ownership, landed cost analysis and risk management. Many call it a best-sourcing strategy.
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Keywords: sourcing solutions, supply chain management, value chain, supply chain solutions, procurement strategies, sourcing initiatives
