Difference Between Sourcing, Purchasing, and Procurement

In the field of Supply Chain Management, there are concepts that seem very familiar but not everyone fully understands their nuances. For example, there are three terms related to the procurement department: Purchasing, Sourcing, and Procurement. These three concepts are often used interchangeably and understood as buying goods for the business. However, the truth is that all three aim towards the ultimate goal of purchasing, but they differ in meaning and operation. Understanding these three terms correctly helps to define one’s job scope most effectively. Read more


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