Which term describes the practice of buying supplies from the best available sources regardless of location?

The practice of buying supplies from the best available sources regardless of location is referred to as global sourcing. This approach allows businesses to access a wider range of suppliers, enabling them to select those that offer the best quality, price, and service, irrespective of geographical boundaries. By leveraging a global network of suppliers, companies can maximize their efficiency and competitiveness, often leading to cost savings and improved product quality.

In contrast, domestic sourcing is limited to suppliers located within the same country, which may restrict options and potentially increase costs. Local sourcing focuses more on suppliers within a specific community or region, aiming to support local economies but often at the expense of broader choices. Sustainable sourcing emphasizes environmental and social responsibility in procurement practices and may or may not include a global perspective; it does not specifically denote the practice of sourcing from any location based on best practices. Thus, global sourcing is the most fitting term for the practice described in the question.