What is sourcing?

Sourcing refers to the process of finding, evaluating, and selecting suppliers or vendors to provide goods or services for a business. This can involve researching potential suppliers, negotiating contracts, and managing relationships with suppliers to ensure the best quality, price, and delivery of goods or services. Sourcing is an important aspect of supply chain management and can have a significant impact on a company's operations and profitability.

Sourcing is the process of identifying, evaluating, and selecting suppliers to provide goods or services to a business. It involves determining the best way to meet the organization's needs while considering factors such as cost, quality, reliability, environmental impact, and sustainability. Sourcing can be an ongoing process, as suppliers may change over time based on market conditions, supplier performance, and the organization's evolving needs. It is an integral part of supply chain management and plays a crucial role in ensuring efficient and effective procurement.