sourcing

Sourcing refers to the process of identifying and acquiring the goods, materials, or services a business needs to operate. It involves researching suppliers, negotiating prices, and ensuring quality and timely delivery. Effective sourcing helps companies reduce costs, improve efficiency, and build strong supplier relationships. It can include choosing local or international vendors, evaluating options based on factors like price, reliability, and sustainability, and managing contracts. Overall, sourcing is a strategic activity that influences a company's ability to produce products or offer services effectively and competitively.