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Materials Sourcing

oboloo Glossary

Materials Sourcing

Materials Sourcing is an important part of the business process, and it is defined as the process of obtaining materials and services from suppliers. It involves the selection of suppliers, negotiation of contracts, and the management of inventory. The goal of Materials Sourcing is to ensure that the company has the necessary materials and services at the right price, quality, and delivery time. The process involves identifying potential suppliers, assessing their capabilities, and selecting the most suitable one. Once the supplier is chosen, the company must negotiate the terms of the contract, such as pricing, quality, and delivery time. The company must also manage the inventory of materials and services to ensure that they are available when needed. Materials Sourcing is an important part of the business process, and it is essential for companies to have a successful supply chain.

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