Bangalore: Global sourcing is becoming a strategic imperative with European companies, according to IT major Wipro.

The Bangalore-headquartered company Wipro Technologies' global sourcing event 'Strategym' held in London earlier this month confirmed the trend.

More than 100 senior management executives from European end-user organisations including industry experts explored successful global sourcing strategies, Wipro said in a statement in Bangalore today (Oct 26, 2004).

The event held on October 14 covered key learnings, best practices, explored next steps in the evolution of global sourcing, and focused on how organisations are using it as a strategic tool to derive more value out of their investments, it said.

Wipro said a survey conducted at the forum confirmed a trend amongst European firms of plans to exploit global sourcing for multiple service lines.

Seventy-four per cent of the executives polled said their global sourcing budgets would increase this year and 63 per cent were planning to leverage global sourcing for multiple service lines.

Carole Connolly, ISI Programme Director, National Grid Transco, said his company has successfully leveraged the global sourcing model across IT consulting, application development and maintenance, package implementation and infrastructure outsourcing.