World-Sourcing... !!!

India has reached a critical juncture in determining whether it will shape or be shaped by globalisation. It’s now faced with the daunting challenge of moving toward becoming both a net producer and consumer of high-value intellectual property.“Worldsourcing” can help set India on a new course to prosperity and its fair share of the global economy.

Worldsourcing, in short, is a business strategy that smart, ambitious companies use to take the underlying forces of globalisation and shape them to maximise the value and quality they deliver to customers worldwide. At the same time, it makes maximum use of all the dispersed resources of a company, from talent to intellectual property to manufacturing muscle.

The distinctions between the so-called emerging and developed markets are rapidly fading, a trend that began with the emergence of information technology and global communications. This made it possible for billions of people in every part of the world to join a rapidly growing middle-class.Those consumers, no matter where they are, demand access to high-value products and services. This means producers must increasingly reach and sell wherever profitable markets exist, anywhere in the world. Thus, a worldsourcing company can create value 24 hours a day, following the sun.

There are crucial differences between worldsourcing and outsourcing. Outsourcing is a centralised, top-down strategy designed to save money on non-core operations by handing those operations to a third party evaluated by a single criterion: the lowest price.
Worldsourcing, by contrast, is a global, decentralised strategy designed to drive greater value and quality by distributing an organisation’s core functions — management, operations, processes, and production — across multiple global hubs of excellence located wherever the best resources, talent, ideas, and efficiencies exist or can be created.

Yang Yuanqing, CEO, Lenovo, coined the term Worldsourcing,in an article,where he referred Lenevo as a Worldsourcing company.