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Steps in Sourcing – Your Guide to Strategic Sourcing Process

Steps in Sourcing – Your Guide to Strategic Sourcing Process

A robust supply chain for sourcing of equipment and other services is essential for running a successful enterprise. Strategic sourcing is the foundation of a good supply chain and it is important companies pay adequate attention and devote enough time for this critical business requirement. Unlike tactical sourcing, which is about buying something, preferably..

  • Business, Engineering, Innovation

Different Types of Sourcing, its Pros & Cons

Different Types of Sourcing, its Pros & Cons

When it comes to Sourcing, there are many types and models used by different companies for their supply sourcing needs. The two broad types are in-house model or Insourcing, where a company does its own sourcing with in-house staff or through a group company; and the outsourced model or Outsourcing where it relies on an external agency to fulfil the..

  • Business, Engineering, Innovation

Importance and Purpose of Strategic Sourcing

Importance and Purpose of Strategic Sourcing

A Supply Chain is the lifeline of any business – the better the supply chain, the greater the probability of a profitable enterprise; a poor supply chain, on the other hand, can adversely impact profitability, putting survival at stake. The purpose of Strategic Sourcing is to build an effective supply chain, and the importance of equipment sourcing is in the fact..

  • Engineering, Innovation, procurement, sourcing

What is Supply Sourcing? Everything You Need to Know

What is Supply Sourcing? Everything You Need to Know

All businesses need supplies to run, ranging from machinery and raw materials to stationery and spare parts. Supply Sourcing, also called Procurement, is the procedure put in place to identify and select the enterprises that can provide these supplies as per requirements in terms of pre-determined cost, specifications, quality and quantity, and above all, time schedule..

  • Engineering, procurement, sourcing, supply sourcing