This review paper explores effective cost management strategies within global supply chains, emphasizing the need for businesses to adapt and innovate in response to complex logistical operations, economic fluctuations, and geopolitical risks. The paper delves into strategic sourcing and procurement, inventory management techniques such as Just-In-Time (JIT) systems, logistics and transportation optimization, and the role of technology and automation in enhancing efficiency and reducing costs. It identifies gaps in current literature, particularly the lack of research on sustainable practices and risk management strategies. Recommendations for practical implementation are provided, focusing on flexibility, resilience, and leveraging technology. Future research directions are suggested to further understand the dynamics of global supply chain cost management and the integration of sustainability practices. The paper concludes by highlighting the critical importance of effective cost management in maintaining competitive advantage and ensuring long-term sustainability in global supply chains.This review paper explores effective cost management strategies within global supply chains, emphasizing the need for businesses to adapt and innovate in response to complex logistical operations, economic fluctuations, and geopolitical risks. The paper delves into strategic sourcing and procurement, inventory management techniques such as Just-In-Time (JIT) systems, logistics and transportation optimization, and the role of technology and automation in enhancing efficiency and reducing costs. It identifies gaps in current literature, particularly the lack of research on sustainable practices and risk management strategies. Recommendations for practical implementation are provided, focusing on flexibility, resilience, and leveraging technology. Future research directions are suggested to further understand the dynamics of global supply chain cost management and the integration of sustainability practices. The paper concludes by highlighting the critical importance of effective cost management in maintaining competitive advantage and ensuring long-term sustainability in global supply chains.