What is Sourcing?
Sourcing is the process of identifying, evaluating and negotiating with suppliers and service providers. This includes the entire vendor selection process as well as contract management. It opens doors to a rich supply of raw materials, facilities, and labors at lower prices, thus reducing costs and increasing competitiveness in markets around the world. The presence of foreign-produced finished manufactures in the US compels domestic industries to be innovative and efficient, both of which are keys to profitability and longevity.
