Sourcing in procurement's process for identifying, evaluating, and selecting suppliers to provide goods or services to an organization. Sourcing requires extensive market research, request for proposal (RFP) management, supplier evaluation, business alignment, and contract negotiation. More and more, procurement leverages e-sourcing platforms or digital tools to facilitate the end-to-end sourcing process, providing more efficiency and transparency for all stakeholders.
When procurement excels in sourcing, they can provide significant, meaningful outcomes for the business, including cost savings, better supplier performance, improved internal customer satisfaction, innovation, and overall enhanced value delivery.
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