Final answer:
Single sourcing is a strategy used by organizations to streamline resource management and supply chain. It offers benefits such as reduced costs, improved quality control, and streamlined communication. Increased competition is not a benefit of single sourcing.
Step-by-step explanation:
Single Sourcing Strategy in Organizations
Single sourcing is a strategy used by organizations to streamline their resource management and supply chain. It involves relying on a single source for a particular product or service, rather than multiple sources. While single sourcing offers several benefits, not all of them apply universally. One benefit of single sourcing is reduced costs due to economies of scale and streamlined procurement processes. Another benefit is improved quality control as organizations can focus their efforts on developing strong relationships with a single supplier, ensuring consistent quality. Streamlined communication is another advantage of single sourcing, as it reduces complexity and the need for multiple points of contact. However, increased competition is not a benefit of single sourcing because it reduces the organization's bargaining power if there is only one supplier in the market.