What is Supplier Sourcing?
Sourcing involves activities around identifying and evaluating potential suppliers as well as selecting and engaging with a suitable supplier that offers the best value both in terms of product and cost. The process seems uncomplicated, but supplier sourcing involves a lot of market research to zero in on suppliers who can provide quality goods and services. For a buyer, it requires negotiating contracts to arrive at the best possible price and establishing payment terms with the supplier.
Supplier sourcing, however, doesn’t stop at identifying suppliers and getting the goods and services. It requires managing suppliers through constant evaluation and quality initiatives. With the geopolitical events eroding supply sources at random, managing and mitigating supply risks form a core part of the process.
Good sourcing strategies are therefore indispensable when you want your enterprise’s operations to remain steady and effective.
Explore more about how GEP help their client with its sourcing services and intelligent sourcing platform.
World's Leading, Unified Source-to-Pay Platform for Direct and Indirect Spend Management
GEP SMART is an AI-powered, cloud-native source-to-pay platform for direct and indirect procurement. GEP SMART offers comprehensive source-to-pay functionality in one user-friendly platform, inclusive of spend analysis, sourcing, contract management, supplier management, procure-to-pay, savings project management and savings tracking, invoicing and other related functionalities.
Next-Gen, End-to-End Supply Chain Management Platform for the Connected Enterprise
GEP NEXXE is a unified and comprehensive supply chain platform that provides end-to-end planning, visibility, execution and collaboration capabilities for today’s complex, global supply chains. Built on a foundation of data, artificial intelligence and cognitive technologies, GEP NEXXE helps enterprises digitally transform their supply chains and turn them into a competitive advantage.
