SOURCING Meaning and
Definition
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Sourcing is a term that refers to the process of procuring, acquiring, or obtaining goods, services, or resources from external suppliers or vendors to meet a company's needs or requirements. It involves the identification and selection of the most suitable suppliers or vendors who can provide the desired products or services at competitive prices and with the desired quality standards.
In the context of business, sourcing encompasses a wide range of activities, including supplier research, supplier qualification, negotiation of contracts and pricing, order placement, and ongoing supplier management. It may involve both domestic and international suppliers, depending on the scope and requirements of the organization.
Sourcing typically aims to achieve various objectives, such as cost reduction, access to specialized expertise, risk mitigation, improved quality, and increased flexibility in the supply chain. It often involves a careful evaluation of suppliers based on factors such as their financial stability, production capabilities, track record, reputation, and compatibility with the company's values and ethics.
Sourcing can be categorized into two main types: direct sourcing and indirect sourcing. Direct sourcing involves the procurement of goods or services that are directly related to a company's core business activities, such as raw materials for manufacturing or components for assembly. Indirect sourcing, on the other hand, refers to the procurement of goods or services that support the overall operations of the company, such as office supplies, IT services, or maintenance services.
Overall, sourcing plays a crucial role in enabling companies to access the resources they need efficiently and effectively, ultimately contributing to their competitiveness and success in the market.
Top Common Misspellings for SOURCING *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for SOURCING
Etymology of SOURCING
The word "sourcing" originates from the verb "source", which can be traced back to the Old French word "sourcer" meaning "to rise, spring up". It is derived from the Latin word "sursum" meaning "upward" and "exsurgere" meaning "to rise up". Over time, the term "source" came to refer to the act of finding, obtaining, or identifying the origin or supply of something. In the business context, "sourcing" specifically refers to the process of finding or obtaining goods, services, or candidates from external suppliers, vendors, or job markets.
Conjugate verb Sourcing
CONDITIONAL
I
would source
we
would source
you
would source
he/she/it
would source
they
would source
FUTURE
I
will source
we
will source
you
will source
he/she/it
will source
they
will source
FUTURE PERFECT
I
will have sourced
we
will have sourced
you
will have sourced
he/she/it
will have sourced
they
will have sourced
PAST
I
sourced
we
sourced
you
sourced
he/she/it
sourced
they
sourced
PAST PERFECT
I
had sourced
we
had sourced
you
had sourced
he/she/it
had sourced
they
had sourced
PRESENT
I
source
we
source
you
source
he/she/it
sources
they
source
PRESENT PERFECT
I
have sourced
we
have sourced
you
have sourced
he/she/it
has sourced
they
have sourced
I
am sourcing
we
are sourcing
you
are sourcing
he/she/it
is sourcing
they
are sourcing
I
was sourcing
we
were sourcing
you
were sourcing
he/she/it
was sourcing
they
were sourcing
I
will be sourcing
we
will be sourcing
you
will be sourcing
he/she/it
will be sourcing
they
will be sourcing
I
have been sourcing
we
have been sourcing
you
have been sourcing
he/she/it
has been sourcing
they
have been sourcing
I
had been sourcing
we
had been sourcing
you
had been sourcing
he/she/it
had been sourcing
they
had been sourcing
I
will have been sourcing
we
will have been sourcing
you
will have been sourcing
he/she/it
will have been sourcing
they
will have been sourcing
I
would have sourced
we
would have sourced
you
would have sourced
he/she/it
would have sourced
they
would have sourced
I
would be sourcing
we
would be sourcing
you
would be sourcing
he/she/it
would be sourcing
they
would be sourcing
I
would have been sourcing
we
would have been sourcing
you
would have been sourcing
he/she/it
would have been sourcing
they
would have been sourcing
