Domestic sourcing
Domestic Sourcing
Domestic sourcing (pronunciation: /dəˈmɛstɪk ˈsɔːsɪŋ/) is a procurement strategy in which a business or agency obtains goods or services from suppliers within their own country rather than from foreign or international suppliers.
Etymology
The term "domestic sourcing" is derived from the words "domestic", meaning "of or relating to one's own country", and "sourcing", which refers to the process of identifying and obtaining goods or services.
Related Terms
- Procurement: The act of obtaining or buying goods and services, often for business purposes.
- Supply Chain: The network of all the individuals, organizations, resources, activities and technology involved in the creation and sale of a product.
- Outsourcing: The business practice of hiring a party outside a company to perform services and create goods that were traditionally performed in-house by the company's own employees and staff.
- Insourcing: The practice of performing tasks or providing services within an organization rather than outsourcing them.
- Offshoring: The practice of basing some of a company's processes or services overseas, so as to take advantage of lower costs.
Advantages and Disadvantages
Domestic sourcing can offer several advantages, including lower transportation costs, faster delivery times, and the ability to more easily monitor and control the quality of goods or services. It can also contribute to the local economy and create jobs. However, it may also have disadvantages, such as potentially higher costs for goods or services, and a smaller pool of potential suppliers.
See Also
External links
- Medical encyclopedia article on Domestic sourcing
- Wikipedia's article - Domestic sourcing
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