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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..
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..