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Sourcing.
We source what you need.
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Procurement is the process of getting the materials you need.
Sourcing is finding and vetting the suppliers of those materials.
ProcurementProcurement is the full process of sourcing and then using suppliers to gather all the materials you need for your products, services, and indirect costs. It involves placing orders with each supplier, receiving the goods, and paying for them. Procurement is an end-to-end process covering everything from planning purchases to negotiating the price, making the purchases, and handling inventory control and storage. Procurement is the process of placing purchase orders with each of the suppliers, getting order confirmation, following up with suppliers until materials are delivered, and then ensuring the materials are paid for. |
SourcingSourcing is the stage that comes before any purchases are made and can be considered a subsection of the procurement process. Before you can procure materials from your suppliers, you must first find and vet those suppliers. When you have a significant strategic sourcing process in place, you'll find reliable, affordable, and quality suppliers to supply the goods you need. Good work here makes the procurement process more streamlined and efficient. Sourcing is about finding the balance between the quality of raw materials and the affordability. The less you can spend on materials, the more profit your business can earn. But, if you are too cheap and buy shoddy materials, your resulting product is of lesser quality. It is essential to retain standards of quality because your customers want quality also! |
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