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Strategic sourcing is the process of developing channels of supply at the lowest total cost, not just the lowest purchase price.It expands upon traditional organisational purchasing activities to embrace all activities within the procurement cycle, from specification to receipt, payment for goods and services [1] to sourcing production lines where the labor market would increase firms' ROI. [2]
Responsible sourcing refers to compliance with ethical or responsible practices (e.g., no child or forced labor, and availability of decent working conditions). Sustainable sourcing goes beyond compliance to taking action to improve conditions of sustainability, engaging in areas such as livelihoods, climate-smart practices, and other social ...
Global sourcing initiatives and programs form an integral part of the strategic sourcing plans and procurement strategies of many multinational companies. Global sourcing is often associated with a centralized procurement strategy for a multinational, wherein a central buying organization seeks economies of scale through corporate-wide ...
Corporate sourcing refers to a system where divisions of companies coordinate the procurement and distribution of materials, parts, equipment, and supplies for the organization. This is a supply chain , purchasing / procurement , and inventory function.
Purchasing is the procurement process a business or organization uses to acquire goods or services to accomplish its goals. Although there are several organizations that attempt to set standards in the purchasing process, processes can vary greatly between organizations.
Sustainable procurement or green procurement is a process whereby organizations meet their needs for goods, services, works and utilities in a way that achieves value for money on a life-cycle basis while addressing equity principles for sustainable development, therefore benefiting societies and the environment across time and geographies. [1]
In supply chain management, the Kraljic matrix (or Kraljic model) is a method used to segment the purchases or suppliers of a company by dividing them into four classes, based on the complexity (or risk) of the supply market (such as monopoly situations, barriers to entry, technological innovation) and the importance of the purchases or suppliers (determined by the impact that they have on the ...
Military acquisition has a long history spanning from ancient times (e.g., blacksmithing, shipbuilding) to modern times.. Modern military acquisition is a complex blend of science, management, and engineering disciplines within the context of a nation's law and regulation framework to produce military material and technology.