article thumbnail

Understanding Offshoring, Onshoring, Nearshoring, and Rightshoring in Procurement

Una

Depending on the situation, each concept could significantly impact a company’s bottom line, affect the supply chain’s resiliency, and influence overall strategic objectives. This strategy aims to leverage local resources , reduce supply chain risks, and stimulate the domestic economy.

article thumbnail

Beginners Guide to Supply Chain Management

World of Procurement blog

Manufacturers play a crucial role by creating the physical products that are eventually sold to the consumer. Supply Chain Lifecycle The supply chain lifecycle consists of several key phases: Planning : This involves the demand planning, supply planning, and overall business strategy.

article thumbnail

Beginners Guide to Supply Chain Management

World of Procurement blog

Manufacturers play a crucial role by creating the physical products that are eventually sold to the consumer. Supply Chain Lifecycle The supply chain lifecycle consists of several key phases: Planning : This involves the demand planning, supply planning, and overall business strategy.