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What is Sourcing?

 , updated on December 21, 2016
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
TypeProcurement
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 ConceptsProcurement
Sourcing
Direct Procurement

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