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PRODUCT SOURCING AND PROCUREMENT

Product Sourcing and Procurementare fundamental processes in supply chain management and business operations.

Product sourcing is crucial for ensuring that a company has access to quality products at competitive prices, and it plays a key role in the overall supply chain strategy.

It is the process of identifying, evaluating, and selecting suppliers or manufacturers to provide the products a company needs.

It involves several key activities:

Supplier Identification

Finding potential suppliers or manufacturers that offer the required products.

Supplier Evaluation

Assessing suppliers based on criteria such as quality, cost, reliability, and delivery capabilities.

Negotiation

Discussing terms and conditions, including pricing, lead times, and payment terms.

Selection

Choosing suppliers that best meet the company's needs and requirements.

Relationship Management

Building and maintaining strong relationships with selected suppliers to ensure ongoing supply and collaboration.

Procurement aims to ensure that an organization acquires the necessary resources in an efficient, cost-effective, and timely manner, while also managing risks and maintaining quality standards.

It is a broader and more comprehensive process that encompasses the entire lifecycle of acquiring goods and services.

It includes several key stages:

Requirement Identification

Determining what goods or services are needed by the organization.

Sourcing and Supplier Selection

Identifying potential suppliers, evaluating their capabilities, and selecting the most suitable ones.

Negotiation and Contracting

Negotiating terms, conditions, and prices with suppliers and formalizing agreements through contracts.

Order Placement

Issuing purchase orders to suppliers for the required goods or services.

Order Fulfillment

Ensuring that suppliers deliver the goods or services as agreed.

Receipt and Inspection

Receiving and inspecting the delivered goods or services to ensure they meet the specified requirements.

Payment Processing

Managing payments to suppliers based on the agreed terms and conditions.

Performance Review

Evaluating supplier performance and the procurement process to identify areas for improvement.

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