Sourcing Procurement Definition

When it comes to business, sourcing and procurement go hand-in-hand. Sourcing is the process of finding the best possible supplier for a good or service, while procurement is the act of acquiring those goods or services. The two terms are often used interchangeably, but there is a slight difference between the two.

Sourcing is all about finding the right supplier. This involves researching different suppliers, comparing prices and quality, and ultimately choosing the best option for your company. Procurement, on the other hand, is the actual act of purchasing those goods or services from the chosen supplier.

While both sourcing and procurement are important parts of running a business, they can be quite time-consuming.