In late 2020, Robert Wilson and Paul Milgrom were awarded the Nobel Prize in Economics for breakthrough work on structuring auctions to deliver the best results for both the seller and buyer. Google, for instance, reinvented the advertising industry, which was based on face-to-face, closed-doors deal-making, with its programmatic, automated, real-time, largely auction-based digital platform. In doing so, Google grew exponentially by providing millions of small businesses with the ability to advertise cost-effectively.
Global sourcing offers numerous benefits. Unfortunately, due to misinformation, many companies overlook global sourcing as a solution and miss out on potential productivity benefits. In this article and the complimentary infographic, we will explore and debunk some of the most persistent myths about global sourcing.