Several related procurement practices: Sourcing (personnel), the practice of recruiting talent. Global sourcing, a procurement strategy aimed at exploiting global efficiencies in production. Insourcing, a process of contracting a business function to someone else to be completed in-house.
Also know, what is the difference between sourcing and procurement?
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.
What is the meaning of strategic procurement?
Strategic sourcing is an institutional procurement process that continuously improves and re-evaluates the purchasing activities of a company. Modern supply chain management professionals have placed emphasis on defining the distinct differences between strategic sourcing and procurement.
What is strategic sourcing and why is it important?
Strategic sourcing skills play an important role in the cost structure and competitiveness of small and large businesses. These skills involve analyzing high-volume purchases and developing long-term partnerships with a select group of suppliers that are capable of providing quality products and services at low costs.