What are the pros and cons of local vs global sourcing?

What are the pros and cons of local vs global sourcing?

Local sourcing often supports community economies and reduces shipping costs, while global sourcing can lower production costs.

Can you give me specific examples of each?

Sure! Local sourcing might involve a farmer's market for fresh produce, while global sourcing could be a factory in China for electronics.

What factors should I consider when choosing between them?

Consider factors like cost, quality, lead time, and the impact on local economies. Sustainability is also important.

How does sustainability play a role in sourcing decisions?

Sustainability can influence sourcing by prioritizing eco-friendly practices, reducing carbon footprints, and supporting ethical labor.

Are there any industries where one is preferred over the other?

Yes, industries like food often prefer local sourcing for freshness, while tech may lean towards global sourcing for cost efficiency.