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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 ...
Category management is an approach to the organisation of purchasing within a business organisation, also often referred to as procurement.Applying category management to purchasing activity benefits organisations by providing an approach to reduce the cost of buying goods and services, reduce risk in the supply chain, increase overall value from the supply base and gain access to more ...
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.
Supply chain diversification, within the context of manufacturing businesses, refers to the strategic approach of expanding sourcing options and optimizing procurement timing to facilitate the efficient flow of products into the market. It encompasses the breadth and adaptability of suppliers available for a particular product or component.
Domestic sourcing is the activity of contracting for goods or services that are delivered or manufactured within the buyer's home country's borders. Advantages of domestic sourcing [ edit ]
Open-sourcing, the act of releasing previously proprietary software under an open source/free software license; Journalism sourcing, the practice of identifying a person or publication that gives information; Power sourcing equipment, network devices that will provide power in a Power over Ethernet (PoE) setup