Sourcing is the process of finding and acquiring goods and services from external sources. It is an important part of the procurement process, as it helps organizations find the best possible suppliers and products at the best possible prices. Sourcing is a critical part of any business, as it helps ensure that organizations are able to get the goods and services they need in a timely and cost-effective manner. The official business definition of sourcing is the identification, selection, and negotiation of suppliers and services that meet the organization’s requirements. It involves the evaluation of potential suppliers and the selection of the most suitable one based on criteria such as price, quality, and delivery times. Sourcing also involves the negotiation of contracts with suppliers, as well as the management of the relationship between the organization and the supplier. It is important to ensure that the supplier is able to meet the organization’s needs in terms of quality, cost, and delivery times. Sourcing is a complex process, but it is essential for any business to ensure that they are able to get the best possible products and services at the best possible prices.
