What is sourcing and procurement?

Question

Accepted Answer

Sourcing and procurement are the processes of finding and acquiring goods and services from external sources.

Sourcing involves identifying potential suppliers and evaluating their capabilities and offerings.
Procurement involves negotiating contracts, placing orders, and managing supplier relationships.
Both processes are critical for ensuring a company has the resources it needs to operate efficiently and effectively.
Examples of sourcing and procurement activities include conducting market research, issuing requests for proposals, and managing supplier performance.
Effective sourcing and procurement can lead to cost savings, improved quality, and increased innovation.

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