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.
|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||ProcurementSourcingDirect Procurement|
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