The Importance of Sourcing and Procurement

If you are a part of any type of company, you probably already understand the importance of the sourcing and procurement process. Purchasing the needed goods and services is crucial for the operations of any company and is, in most cases, accountable for the biggest part of a company's total costs. Although many people have heard of sourcing and procurement and use them as interchangeable synonyms, these terms stand for two different concepts. Understanding these concepts is essential for the well-being of any company so, in this article, we are going to talk about the differences between these two concepts and the importance of each of them. ..»