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Sourcing is basically the ground work for purchase where you find right product and supplier.
Purchasing the next step where you finalize the purchasing terms and lock a sales contract.
Purchasing is a short process in which a manager buys raw materials, products or services that goes into the main activity process of their company.
Strategic sourcing is a long process in which a manager keeps improving the performance of their purchases in order to reduce costs, improve quality, and build up long term supplier relationships.
Sourcing and procurement are two similar meaning terms used in any organization
Sourcing, as the name implies, is locating sources of the goods and services your company needs.
Procurement is the process of getting the goods and services your company needs to fulfil its business model.
Purchase time we will check product terms and condition,manufacturer and part number,specs
Strategic sourcing differs from purchasing in that it is the in-depth examination of what an institute or organizations buys, who the vendors are, at, price point and volume. Strategic sourcing differs from usual purchasing because it places prominence on the entire life cycle of a productsand not just the intial price. In a nutshell, there are more factors at play.
Strategic sourcing is a more detailed approach by standardizing sourcing procedures and, in most cases, satisfying a criteria. Strategic sourcing requires information about products, markets and business needs. A simple example of strategic sourcing in the Oil and Gas industry would be when a contracting company is invited to participate in a tender, whereby the is a criteria to be met in terms of technical specification and brand name whereby only credible vendors would be contacted.
Purchasing can be defined as a component of procurement like other components as negotiation acquisition and at secondary stage the risk management and sustainability while strategic sourcing can be defined as a methodology of maintaining the procurement processes for an organization in which the procedures, methods, and sources are constantly re-evaluated to optimize & maximize value to the organization. And at Strategic sourcing, which can be considered as a key aspect of supply chain management, which involves the elements such as examination of purchasing budgets, the opportunity ground of the supply market, negotiation with suppliers, and periodic assessments of supply transactions.
PRICEING & SOURCING IS MOST IMPORTANT PURCHASING RIGHT PRODUCT
AND KNOWLEGE OF THE PRODUCT
yes as discussed purchasing is a straight forward process required where the buyer purchases product or services from the set of vendors, but Strategic sourcing is a lenghtier process where the team or the individual responcible plans the best possible source suitable for the company keeping the different aspects of requirements into consideration which are most suitable for the companies long term interest.
Strategic sourcing is the bigger picture, where you "source"- look for suppliers that provide the goods you need with price, quality and delivery terms that suits you the most. while purchasing is the transactional process of sourcing, where you add the goods, supplier to the system, issue the PO, follow up on delivery and so on. One can say the purchasing is a part of the Sourcing Strategy process.
Purchase - Is a short term process,aim to buy products or services available at lowest price. It's a short term objective and/or requisition.
Strategic Sourcing - This is long term plan and/or strategy, which is based on business development strategy of an organisation. the period of procurement strategy may be minimum of 12 months to 36 Months. Aim is to drive cost down approach, we should be here focused on KPI in strategy.
s a short process in which a manager buys raw materials, products or services that goes into the main activity process of their company.
