Sourcing in Procurement: A Comprehensive Exploration

Description

This Skill Bit talks about sourcing, which is a vital aspect of procurement, focusing on identifying, evaluating, and selecting suppliers to meet organizational needs. It involves strategic decision-making to build long-term, beneficial partnerships. Effective sourcing optimizes costs, ensures high supplier performance, manages risks, fosters innovation and quality, and builds strong supplier relationships. Key activities include market analysis, supplier evaluation, and negotiation, all aimed at securing the best suppliers to enhance organizational efficiency and success.

Duration approx. 4 Min.

Tier: advanced