Sourcing and Procurement: One but Not the Same

Precoro

This month, we continue our Procurement Basics series and would like to introduce our readers to yet another set of often misused business terminology. As both sourcing and procurement are related to obtaining supplies for the organization, confusing these two terms is easy.

What’s the Difference Between Direct vs Indirect Procurement?

ivalua

What does Procurement mean? However, this is somewhat of an oversimplification of what the modern, best in class procurement organizations do for the larger business or organization. Procurement can and should be a significant value generator for the larger organization.

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Successful Strategic Sourcing Engagement? What’s Next?

QAD

I caught up with a former colleague recently to discuss her procurement project which comprised a year-long strategic sourcing engagement. During the project, she was able to rationalize the supply base, boost procurement efficiencies and drive positive financial results.

Four Key Strategic Sourcing Benefits

QAD

Recent business turbulence has increased the awareness among manufacturers for improved communication and collaboration with suppliers. This is certainly true in the area of strategic sourcing where procurement teams rely heavily on manually intensive efforts to identify and select suppliers.

Sourcing and Procurement in Supply Chain Management

EC Sourcing Group

Sourcing and Procurement in Supply Chain Management. The terms “ sourcing” and “procurement” in supply chain management are often used interchangeably, although they are not quite the same. Procurement is a process and one link in the chain of the supply chain.

Is Single Sourcing, or Sole Sourcing, Dead?

Supply Chain Game Changer

Lockdowns have resulted in the temporary closure of Manufacturing and Distribution facilities and discontinuation of Logistics and transportation modes. What is Single Sourcing or Sole Sourcing? For clarity let’s define what these sourcing terms mean. Subscribe Here!

Asian Paints Successfully Digitizes the Source to Contract Process in Collaboration with Ivalua & Durvah

ivalua

Rapid Optimization of Contract Management, Supplier Management and Direct Materials Sourcing. Ivalua’s complete, modular platform also allows Asian Paints to later digitize the full Source to Pay process in alignment with their long-term roadmap.

Demystifying Transportation Sourcing – A Practitioner’s View

EC Sourcing Group

Demystifying Transportation Sourcing. 9/2/2021 – Guest Blog Post from Kumar Kannan of Procural. If you are like me, transportation sourcing is a mind boggling and complex field. This article is about creating value in transportation sourcing.

Procurement and Supply Chain are Smarter Together – Practical Use Cases

Logistics Viewpoints

In a previous post , I made a case for how the Chief Supply Chain Officer (CSCO) and Chief Procurement Officer (CPO) are smarter together. Accordingly Supply Chain and Procurement will need continuous collaboration. Procurement Supply Chain Planning

Why Get a Product Sourcing Agent?

Supply Chain Game Changer

Product Sourcing Agent article and permission to publish here provided by Joyce Chen at Epic Sourcing. Your manufacturer is the backbone of your company; it regulates your inventory, which determines how consumers perceive and communicate with you. Functions of a Sourcing Agent.

Procurement Technology – What it can and can’t replace in a Manufacturer’s Journey Towards Supply Chain Resilience and Agility

ivalua

A review of the key elements in supplier management for manufacturers and how Source-to-Pay procurement technology can support the journey towards supply chain resilience and agility in times of crisis.

EC Sourcing Group Expands its Leadership Team

EC Sourcing Group

Sourcing Industry Veteran, Paul Martyn, joins EC Sourcing Group’s Leadership Team. EC Sourcing Group Expands its Leadership Team: Procurement and strategic sourcing technology company, EC Sourcing Group, welcomes industry veteran, Paul Martyn, to its executive leadership team.

COVID-19: Implications on inventory planning, sourcing and procurement

EFT

For Pedro Paiva, Operations Director, EMEA for major footwear manufacturer Alpargatas, which owns the Havianas brand, they “Estimate that we will lose between 30% and 50% of sales this year.”.

A Quick Guide to Roles in Procurement

Logistics Bureau

For small companies, it is usually enough to have one person dealing with procurement but in large enterprises teams of people are needed, all with specific roles to play. The Finance Manager , on the other hand, controls the financial input and output of the procurement division.

Understanding the Importance of Strategic Sourcing

USC Consulting Group

Sourcing is a key component of your Supply Chain – perhaps the most important part. As companies are navigating an increasingly turbulent yet robust economic climate, businesses in manufacturing, mining and metals, food and beverage, and other industries are looking for ways to reduce raw material procurement spending and offset rising material costs. That’s where Strategic Sourcing comes into play. An important lever for modern organizations.

The Top 5 Reasons You Need a Transportation Sourcing Solution

Talking Logistics

If you are buying widgets, there are many ways to make your purchase, from going to a retail location, ordering online or using a standard procurement software tool that allows you to order lots of widgets and receive them over a specified period of time. Here are the top five reasons you need a transportation sourcing solution: 1. Freight sourcing is as unique and complex as the transportation industry itself.

Sourcing – What You Need To Know About Coronavirus Supply Chain Disruption

Gravity Supply Chain

Sourcing: Mitigate risk during periods of supply chain disruption, such as those caused by the Coronavirus outbreak, by using digital technology. . The post Sourcing – What You Need To Know About Coronavirus Supply Chain Disruption appeared first on Gravity Supply Chain.

Time to Rethink Sourcing Rare Earth Elements

Supply Chain Game Changer

Strategic National Stockpiles and Sourcing for the National Interest! The Covid19 global pandemic has cruelly exposed the utter dependence of the US and the world on China’s mass manufacturing capability and supply of critical medical equipment and materials. Subscribe Here!

Procurement vs. Purchasing: What’s the Difference?

Logistics Bureau

The best way to understand the difference between procurement and purchasing in a business is to consider the process involved in buying a car, says Logistics Bureau’s procurement specialist, Trent Morris. Procurement First, Purchasing Follows. Getting a Job in Procurement.

Intalere Selects Consus & Ivalua to Drive Source to Contract Best Practices

ivalua

Healthcare supply chain GPO, Intalere, deploys an end-to-end Source to Contract solution across its purchasing functions. New York, NY March 30, 2020 – Consus , a leading procurement services provider, today announced that Intalere, a healthcare supply chain GPO based in St.

Why 2021 Will Be A Breakout Year For Sustainable Manufacturing

IQMS

Bottom Line : In 2021 and beyond, customers are voting with their dollars for the manufacturers who excel at sustainable manufacturing and make a positive contribution to the environment, dominating B2B supply chains and B2C purchasing decisions.

Sourcing is No Longer a One-Trick Pony

Requis

The post Sourcing is No Longer a One-Trick Pony appeared first on Requis. Procurement

Procurement, Industry 4.0, Cybersecurity, Robotics and Automation: The Image of Manufacturing is Evolving.

GlobalTranz

What makes or breaks a new technology in manufacturing? Mostly, manufacturers demand technologies that can boost their output without causing an additional strain on resources, and the final five technologies changing manufacturing in 2016 did just that. The implementation of robotics and automation was not universal in manufacturing. In other words, some manufacturers continue to resist the trend. Procurement Operations Became Decentralized and Adaptable.

Project Based Procurement

Claritum

Claritum Article - Procurement Blog. Project and Category Procurement Differences. Table of the key differences between Project and Category based procurement. Types of activity suitable for Project based procurement. The inherent challenges of project-based procurement.

Objectives of Procurement Management

EC Sourcing Group

Objectives of Procurement Management. The objectives of procurement management can range from the most general, such as “buying goods and services,” to the more complex, such as “supporting organizational goals within the team.” What Is Procurement Management?

Using Digitization to Unlock Supply Chain Value for Manufacturers

ivalua

The role that procurement plays in manufacturing organizations is a difficult one. Procurement needs digitization at its core to enable automation, efficiency, and innovation within the supply chain. Digitization Benefit #2: Strategic Sourcing Alignment. Manufacturing

ISM: US manufacturing continues to hum despite supply chain challenges

The Supply Chain Journal

Manufacturing has grown for 13 consecutive months, spurred by consumer spending on goods over services and brands desperately trying to keep up and rebuild stocks depleted during the pandemic last year. Source: Institute for Supply Management).

7 Ways to Strategically Elevate Freight Procurement

Talking Logistics

In the last decade, many companies, especially those with manufacturing operations, have evolved direct materials sourcing from an administrative function to a strategic procurement process. The embodiment of this transformation is the chief procurement officer, an increasingly common title for executives that strategically source goods and services. As a strategic process, transportation procurement may still seem very tedious and challenging.

5 Benefits of Global Sourcing in Supply Chain Management

EC Sourcing Group

5 Benefits of Global Sourcing in Supply Chain Management. When the topic of global sourcing comes up, procurement managers often balk at global sourcing in supply chain management because they worry they will have to sacrifice quality or delivery when using global suppliers.

How Locally Grown Products are Disrupting F&B Manufacturing

QAD

There is a developing trend that has been gaining steam in recent years that has the potential to seriously impact and “disrupt” food and beverage manufacturing. It means buying food that is sourced and/or grown within a geographical location that could be considered “local”.

Strategic Sourcing: The Key to Competitive Advantage

Supply Chain Opz

Strategic Sourcing has been used by companies of all sizes for years. Professor Schoenherr is the expert in procurement and decision making and he will provide some guiding principles that practitioners can use to create more sustainable competitive advantage. This commentary highlights some of the key principles to strategic sourcing. However, priority is always given to cost cutting initiatives.

How Modern Software Empowers Procurement with Agility and Resilience in Times of Crisis

ivalua

What we learned about agility and resilience can be applied to future-proof the source-to-pay (S2P) process and help organizations meet any new challenge with confidence. Balancing New Priorities Makes Procurement More Valuable. Procurement

The Role of Reverse Auctions in Strategic Sourcing

EC Sourcing Group

There are many different stops within that supply chain along the way, such as procurement and procurement management. Within the procurement of goods, there are many processes as well, such as sourcing and the role of reverse auctions in strategic sourcing.

Outsourcing Sourcing! 5 Lessons from Around the Globe!

Supply Chain Game Changer

Check out What is Virtual Procurement and Why Should You Care? Doing business with suppliers located overseas or in another country can be an overwhelming and daunting task even for expert Sourcing professionals. He knew what his cost point had to be on the product which meant that he had to have the product manufactured overseas. But beyond that he had no idea on where to start to source his product. The post Outsourcing Sourcing! Subscribe Here!

Procurement Interview Questions & Answers

Supply Chain Game Changer

Procurement, or Purchasing, is an area of Supply Chain that involves and requires very specific skills and expertise. This is particularly apparent if you are hiring a Procurement professional, you are looking for a Procurement job, you are looking to outsource anything, or you are dealing with Procurement people in the course of conducting business. Check out this list of 25 Procurement and Purchasing questions and answers. How do you build a Sourcing Strategy?