Procurement and Sourcing

Procurement and sourcing are essential processes in supply chain operations that involve acquiring goods and services a company needs to function. Procurement refers to the overall process of buying, including finding suppliers, negotiating prices, and managing contracts. Sourcing focuses specifically on identifying and selecting the best suppliers to provide quality materials at competitive prices. Both processes aim to ensure that a company has the necessary resources to operate efficiently and effectively while maintaining cost control and quality standards. Together, they contribute to the overall success of the business by optimizing resources and supply chain performance.