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What is sourcing?

What is sourcing?

What is sourcing? The main stages of a generic procurement process as shown below starts with the identification of the need. Sourcing Is basically that part of the procurement process that is concerned with ‘how and where services or products are obtained’ according to CIPS definition. And Lysons and Farrington (Purchasing and Supply Chain Management) define it as ‘the process…

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Achieving value for money

Achieving value for money

Achieving value for money   Cost reduction strategy   Cost reduction will be a key objective to support the financial goals of the firm (profitability, liquidity, return on capital invested and so on), even in the public sector (with goals such as value for money service provision and efficiency targets). It will be the cornerstone of business strategies based on…

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