Procurement and sourcing are two terms that are often used interchangeably, but they have distinct meanings. Procurement is the process of acquiring goods and services from an external source, while sourcing is the process of identifying and selecting potential suppliers and vendors.

Procurement is the process of selecting vendors, establishing payment terms, strategic vetting, strategic selection, and then finalizing contracts and sourcing is the process of identifying, evaluating, and selecting suppliers and vendors.

Procurement and sourcing are two distinct processes that are both essential to the success of any business. Procurement is responsible for selecting the best vendors and suppliers for the company, while sourcing is responsible for researching and selecting the most cost-effective and reliable suppliers and vendors.

Both processes involve extensive research and analysis to ensure that the best possible options are chosen. When done correctly, procurement and sourcing can help businesses save money, increase efficiency, and reduce risk.