The official business definition of Procurement Sourcing Process is the process of selecting suppliers and vendors for goods and services. It involves researching and evaluating potential suppliers, negotiating contracts, and managing the relationship with the suppliers.
The goal of the process is to obtain the best value for money and ensure that the goods and services meet the organization’s needs. The process begins with identifying the need for a product or service and then researching potential suppliers. The evaluation process includes analyzing the supplier’s ability to meet the organization’s needs, as well as their financial stability and reputation.
Once the evaluation is complete, a contract is negotiated and signed. Finally, the relationship with the supplier is managed to ensure that the goods and services are delivered on time and meet the organization’s expectations. The Procurement Sourcing Process is an important part of any business and can help ensure that the organization is getting the best value for their money.
