Asked by Melisa Di?isa?lam on Apr 27, 2024
Verified
Strategic sourcing is almost the same as procurement.
Strategic Sourcing
The systematic and fact-based approach for optimizing an organization's supply base and improving the overall value proposition.
Procurement
The process of finding, acquiring, and buying goods, services, or works from an external source.
- Differentiate between procurement and strategic sourcing and understand the strategic sourcing process.
Verified Answer
AL
Arhenis LopezApr 29, 2024
Final Answer :
False
Explanation :
Strategic sourcing and procurement have similarities, but they are not the same. Procurement is the process of acquiring goods or services, while strategic sourcing involves identifying the best suppliers, negotiating contracts, and managing supplier relationships to achieve long-term cost savings and other strategic objectives. Strategic sourcing goes beyond the transactional focus of procurement and takes a more holistic approach to supplier management.
Learning Objectives
- Differentiate between procurement and strategic sourcing and understand the strategic sourcing process.
Related questions
In the Implement Sourcing Strategy Step, the Most Important Thing ...
There Are Three Definitions to Aid Understanding of Some of ...
The First Step in the Managing Strategic Sourcing Process Is ...
In the Evaluate Supply Sources Step, the Firm ...
To Make,buy,or Lease Decision Sometimes Depends on the Availability of ...