Sourcing and procurement are two distinct but interconnected functions within the realm of supply chain management. While they both deal with the acquisition of goods and services for a business, there are notable differences between the two.
It’s actually quite important to know the difference between these two terms to make strategic decisions, select and manage suppliers effectively, achieve cost savings, and evaluate risks. Basically, it can optimize your supply chain performance and enhance overall procurement outcomes. Discover the subtleties between the two terms to help you make clear decisions. From the careful selection of suppliers to internal needs management, every step counts.