What is the difference between ‘Sourcing vs Purchasing vs Procurement’?
There have been many questions regarding the difference between Procurement, Purchasing and Sourcing recently.??Many of us still get a bit confused, and we will attempt to clarify that here.
Procurement, purchasing, and sourcing are often used interchangeably. Yet these three common industry terms are actually very different things.??
While they’re all important to the procurement function, they each serve different purposes and require different strategies, processes, and resources within the organisation.
If you want to add value to your organisation while optimising your supply chain and finding cost savings, you’ll need to recognise these differences and treat each process accordingly.
The chart below shows the process of the different roles.??When you engage with TrentGO, we make sure that not only do both yours and our team work together on the 3 focus areas, but ensure all 3- are inter-connected and add value to each other, so you get the very best deal available for your terminal.
If you think we have what you need, and can help you piece together the 3 roles properly, then give us a call today, and lets realise those opportunities in way that may surprise you.
#procurementexcellence #simplifyingglobalprocurement #portsandterminals #spareparts #businessexcellence