Session 4- Sourcing and Procurement

Session 4- Sourcing and Procurement - Sourcing and...

Info icon This preview shows pages 1–5. Sign up to view the full content.

Sourcing and Procurement
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Introduction Purchasing: The transactional function of buying products and services. In a business setting, this commonly involves the placement and processing of a purchase order. Procurement: Refers to the process of managing a broad range of processes that are associated with a company’s need to procure goods and services that are required to manufacture a product (direct) or to operate the organization (indirect). Strategic sourcing: Essentially, the strategic sourcing process is broader and more comprehensive than the procurement process. Strategic sourcing takes the process further, focuses more on supply chain impacts of procurement and purchasing decisions, and works cross-functionally within the business firm to help achieve the organization’s overall business goals .
Image of page 2
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

4 Translating Corporate Objectives into Purchasing Goals Strategic alignment occurs when purchasing activities are consistent with the nature of the business strategy.
Image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern