Supplier Sourcing - Meaning and Essential Aspects
What is Supplier Sourcing?
Supplier sourcing covers all the activities conducted to identify and evaluate suitable suppliers who can provide the required goods and services at the best price and quickly. Another important aspect of how to source suppliers correctly is to pay attention to the quality of goods and services.
Vendor sourcing is an extensive process that requires in-depth market research to identify suitable suppliers who meet the required guidelines. The vendor sourcing process is considered complete only after the price and payment term negotiations with the vendor have been finalized, and the contract has been signed. Another crucial aspect of supplier sourcing in the present context is selecting suppliers while factoring in the supply chain disruptions that can be caused due to unforeseen global events.
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