What is the difference between procurement and sourcing

Question

Accepted Answer

Procurement focuses on purchasing goods and services, while sourcing involves finding suppliers and negotiating contracts.

Procurement is the process of acquiring goods and services for a business or organization.
Sourcing is the act of identifying, evaluating, and selecting suppliers to provide goods or services.
Procurement involves the actual purchasing and payment for goods and services.
Sourcing involves activities such as supplier research, negotiation, and contract management.
An example of procurement would be placing an order for office supplies from a vendor.
An example of sourcing would be researching different suppliers for a specific raw material and negotiating a contract with the chosen supplier.

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