Sourcing is the process of identifying, evaluating, and selecting suppliers or vendors to provide goods or services for a company. It is a critical aspect of supply chain management and involves finding reliable and cost-effective suppliers who can meet the company's requirements for quality, quantity, and delivery.
The sourcing process typically involves the following steps:
Effective sourcing can help companies reduce costs, improve quality, increase efficiency, and enhance customer satisfaction. It requires careful planning, market knowledge, and effective communication and collaboration with suppliers.
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