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What is Sourcing?

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Sourcing is the selection and management of suppliers. In many industries, it is considered a core operational business process that has implications for sustainability, compliance, risk management, manufacturing, logistics, product design and financial results.
Overview: Sourcing
Type
Procurement
Definition (1)
The selection and management of suppliers.
Definition (2)
The process of selecting suppliers, negotiating supply contracts and managing the performance of suppliers to achieve objectives related to cost competitiveness, operational efficiency, sustainability, risk management and quality.
Related Concepts
Procurement
Sourcing
Direct Procurement

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