Introduction to Sourcing
Sourcing in procurement is defined as the process of locating, evaluating, and engaging suppliers based on predetermined criteria in order to achieve cost savings and the best value for goods and services at a price point and terms that provide the required margin to positively affect the company's bottom line. Tendering is used in the sourcing process, which is used at tactical and strategic levels to generate distinctive value by selecting the most relevant suppliers at the lowest cost in order to obtain a competitive edge.
In most firms, the initial stage in the supply chain process is procuring items or services. Sourcing entails striking a balance between the quality of items and raw materials necessary, as well as their pricing. Most procurement teams want to spend less money and make more money. But how can you be certain that you have the necessary tactics and processes in place to make sourcing profitable?
We explain down everything associated with sourcing in our sourcing 101 tutorial, from locating items to identifying the most acceptable suppliers to acquire those things from, all the way through to the delivery kinds involved from sourced provider to consumer. So, let’s dive in.

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