Procurement is the entire range and process of activities from sourcing, purchasing, negotiating and acquisition and also includes risk management, sustainability etc. Sourcing is the component of the Procurement process that deals with supplier selection and management.
People also ask, what do you mean by direct sourcing?
The direct sourcing of candidates simply means an organisation recruits their workforce direct rather than utilising a recruitment agency. Direct sourcing allows a company to form its own database of candidates and ultimately create a company's talent pool consistent with their employment branding.
What is direct sourcing in retail?
Direct sourcing enables retailers to react quickly and make time-sensitive buying decisions based on consumer demand. Retailers should be sure to do the full cost calculations. Often, 'hidden' costs are identified when peeling back a layer or two of global sourcing transactions.