- Outsourcing. Having suppliers provide goods and services that were previously provided internally.
- Insourcing. Delegating a job to someone within the company.
- Nearsourcing. ...
- Vertical integration. ...
- Few or many suppliers. ...
- Joint ventures. ...
- Virtual enterprise.
What are the different procurement strategies?
- Cost reduction.
- Risk management.
- Supplier management and optimization.
- Green purchasing.
- Global sourcing and.
- Total quality management.
What are the different sourcing techniques in recruitment?
- #1 . Online Job Postings. ...
- #2. Social Media Platforms. ...
- #3. Recruitment Database. ...
- #4. Employee Referrals. ...
- #5. Recruiter Network.
What are the 7 steps of strategic sourcing?
- Step 1: Profile The Category. ...
- Step 2: Supply Market Analysis. ...
- Step 3: Develop The Sourcing Strategy. ...
- Step 4: Select The Sourcing Process. ...
- Step 5: Negotiate and Select Suppliers. ...
- Step 6: Implementation and Integration. ...
- Step 7: Benchmarking.
What are examples of sourcing strategies?
- #1—Sourcing candidates through a recruiting database. ...
- #2—Sourcing candidates through social media. ...
- #3—Sourcing candidates through online job postings. ...
- #4—Sourcing candidates via referrals. ...
- #5—Sourcing candidates from within the organization.
What are the six sourcing strategies?
- Outsourcing. Having suppliers provide goods and services that were previously provided internally.
- Insourcing. Delegating a job to someone within the company.
- Nearsourcing.
- Vertical integration.
- Few or many suppliers.
- Joint ventures.
- Virtual enterprise.
What is a sourcing tool?
Sourcing tools are software applications that help hiring managers and recruiters find potential employees proactively by searching through profiles, resumes, or other data about candidates . Sourcing tools may also help with collecting information on potential candidates and contacting them.
What are the 6 R’s of purchasing?
Right Quantity 3. Right Time 4. Right Source 5. Right Price and 6 .
What are the seven basic steps in the procurement process?
- Step 1 – Identify Goods or Services Needed. ...
- Step 2 – Consider a List of Suppliers. ...
- Step 3 – Negotiate Contract Terms with Selected Supplier. ...
- Step 4 – Finalise the Purchase Order. ...
- Step 5 – Receive Invoice and Process Payment. ...
- Step 6 – Delivery and Audit of the Order.
What are the best procurement strategies?
- Simplifying the purchasing chain.
- Managing supplier risk.
- Consolidating the supplier database.
- Establishing predictive analytics capabilities.
- Incorporating the department into the company’s collective innovation system.
What are the three types of sourcing?
- Low-cost Country Sourcing. ...
- Global Sourcing. ...
- Prime/Sub Arrangements. ...
- Captive Service Operations. ...
- Conventional Agreements. ...
- Operational. ...
- Professional Services. ...
- Manufacturing.
What is a sourcing list?
Source list includes a list of possible sources of supply for a material over a given framework of time . Source list specifies the time period of ordering a particular material from a given vendor. Source list can be copied from one plant to another plant.
What is the sourcing process?
Sourcing process includes every activity that revolves around identifying and assessing potential suppliers as well as selecting and engaging with an appropriate supplier who offers the best value.
What is the first step in a good sourcing strategy?
The first step within strategic sourcing includes understanding your organisation’s current needs and strategy and then comparing this to how your procurement process is currently operating . Be sure to consider areas within your current budget where you believe costs can be reduced.
What is the strategic sourcing process?
Strategic sourcing is a procurement process that connects data collection, spend analysis, market research, negotiation, and contracting . It stops short of the actual purchase of and payment for goods and services.
What are the steps in the strategic sourcing process?
- Step 1: Conduct an internal needs analysis. ...
- Step 2: Conduct an assessment of the supplier’s market. ...
- Step 3: Collect supplier information. ...
- Step 4: Develop a sourcing/outsourcing strategy. ...
- Step 5: Implement the sourcing strategy.
