What Is Sourcing | Key Difference Between Sourcing & Procurement

Sourcing is a part of procurement.
Sourcing deals with the identification of the supplier, selection of the supplier and further managing a relationship with the supplier.

Key sourcing steps:
1) Need identification
2) Market research
3) RFQ & RFP
4) Negotiation
5) Supplier selection and continuous evaluation

What Are RFI, RFP, RFQ, LOI | Basic Procurement Documents | Urdu-Hindi-SCM

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#procurement #sourcing #sourcingsteps

[crystalworld]

Thank you for your valuable information, I'm working as a Procurement Manager and Sourcing and Procurement it's similar, but it's little bit different. Sourcing department is very little bit work. But Procurement department are everything is taken care of purchasing to Stock entry in Warehouse systems like negotiations, analysis of quotation, finalize rates, Suppliers registration, materials dispatch movements, follow-up with Transporters, vendors Payment, PO creation, Pushing up to Warehouse team for GRN and many more works in Procurement department.

[zareeshasheikh]

Thank you for making such videos Sir Kango

[nainoo]

Thank you very informative... Please explain inco terms with simplest examples. I will wait

[shahidaziz]

very clear about procurement and sourcing steps

[zarminaghanizada]

Dear Sir please make a video about negotiating skills and it is step

[radheyshah]

Looking for certification of procurement and sourcing please help anyone have experience

[sanqueen]

Sir if thesis topic scm m select krna h tu knsa kry

[zarminaghanizada]

Dear teacher, thank you a world I learned a lot from this video can you help from where I can get your all video regarding procurement field. Thank you 🙏.

[aakashpanchal]

Sir can u make the video on like how finance work in procurement and what is the role of finance in procurement in a manufacturing industry
Thank you

[faceITnow]

Hello brother... Hows the condition in Pakistan now ?