STRATEGIC SOURCING PROCESS
Sourcing, also known as procurement, is the practice of finding and choosing companies or people based on criteria that have been set. Sourcing takes place in many distinct fields in company and for various purposes. Supply chain management is one of the most popular uses of sourcing. Businesses can create a competitive advantage by finding the most suitable vendors at the lowest price.
Sourcing is also a recruitment sub-set that proactively searches for a specific position for the most skilled applicants. Outsourcing is a popular method in which companies contract a company function with a third-party provider, typically something uncritical like payroll. Companies will draw up a list of prospective third parties as part of the outsourcing process and choose the most suitable for their requirements.