Single Source

A single source, also known as a sole source, is a supplier who is the only one able to provide a particular product or service. This can be for a number of reasons, including that the supplier has patented the product or service, or there are no other suppliers who can provide it. Single sourcing can also refer to the practice of only using one supplier for all of your needs, even if there are other suppliers who could provide some of what you need.

Why would you use a single source?

There are several reasons why you might choose to use a single source. For example, you might use a single source because they offer better quality than other suppliers, or because they have more experience and can offer more customized services. You might also use a single source because they are the only supplier who can provide what you need. In some cases, using a single source might be the only way to get what you need.

What are the benefits of using a single source?

Using a single source has several benefits. First, it can simplify your procurement process by consolidating your orders with one supplier. This can save time and money by reducing paperwork and administrative overhead. Second, it can improve communication between you and your supplier, since you will only be dealing with one point of contact. Third, it can build relationships with your supplier and lead to better pricing and terms over time.