Sourcing and Procurement

Sourcing and procurement are processes businesses use to acquire goods and services. Sourcing involves finding the best suppliers and evaluating options based on quality, cost, and reliability. Procurement is the actual purchasing process, where agreements are made, orders are placed, and payments are handled. Together, these practices ensure that a company obtains the necessary resources efficiently and economically, supporting its operations and helping it achieve its goals. Effective sourcing and procurement can lead to cost savings and better product quality, ultimately benefiting the business and its customers.