Sourcing vs Procurement Explained | Key Differences in Supply Chain Management

Join this channel to get access to perks: https://www.youtube.com/channel/UC2FoqHLrh7XCe5vF2LgpXcA/join Welcome to the new video of @10minforsupplychain Understanding the difference between sourcing and procurement is essential for anyone working in supply chain management, logistics, and procurement functions. In this video, we break down both concepts in a simple and practical way, explaining how they differ and how they work together in real-world supply chains. 📌 What You Will Learn • What is sourcing in supply chain • What is procurement in supply chain • Key differences between sourcing and procurement • Role of sourcing in supplier selection • Role of procurement in purchasing process • Real-world examples of sourcing and procurement 🚀 Why This Topic is Important Many professionals confuse sourcing and procurement, but they have very different roles: 👉 Sourcing = Strategic (supplier selection) 👉 Procurement = Operational (purchase execution) Understanding this difference helps in: ✔ Cost optimization ✔ Supplier management ✔ Risk reduction ✔ Efficient operations ❓ Questions This Video Answers What is sourcing in supply chain management? What is procurement in supply chain? What is the difference between sourcing and procurement? Is sourcing part of procurement? What are the key activities in sourcing? What are the key activities in procurement? What is strategic sourcing? What is the procurement process step by step? How does sourcing impact cost reduction? How does procurement improve supply chain efficiency? What is the role of sourcing in supplier selection? What is the role of procurement in purchasing? What are sourcing strategies in supply chain? What are procurement best practices? How do sourcing and procurement work together? What are real-world examples of sourcing and procurement? What are the benefits of strategic sourcing? What are the challenges in procurement? How does procurement impact supplier relationships? Why is sourcing important for risk management? How does procurement impact cost control? What tools are used in sourcing and procurement? #SupplyChain #Procurement #Sourcing #Logistics #SupplyChainManagement #Operations #VendorManagement -------------------------------------------------------------------------------------------------------------------------------- Also Watch: Procurement vs Purchasing : https://youtu.be/ukagCxT5aVQ -------------------------------------------------------------------------------------------------------------------------------- Top Playlists ✔️ Supply Chain Concepts : https://www.youtube.com/playlist?list=PLmeCBnKvFGGb1EX7aUuxEPpff3aydM78h ✔️ Supply Chain Case Study : https://www.youtube.com/playlist?list=PLmeCBnKvFGGaiBTH9DX_lvxM9aGZUU0lB ✔️ Supply Chain Current Affairs : https://www.youtube.com/playlist?list=PLmeCBnKvFGGY5l2kQiP2FToCHRLC870ZG --------------------------------------------------------------------------------------------------------------------------------- Stay updated with Supply Chain News,Trends and Concepts. So Please 💥Subscribe💥 the channel --------------------------------------------------------------------------------------------------------------------------------- ⚡ Join Us on ⚡ Facebook : https://www.facebook.com/10minforsupplychain Instagram : https://www.instagram.com/10minforsupplychain/ LinkedIn : https://www.linkedin.com/in/ten-min-for-supply-chain-084210217/ Twitter : https://twitter.com/MinSupply Quora : https://www.quora.com/profile/Supply-Geek-1 ---------------------------------------------------------------------------------------------------------------------------------- 🙋 For Business Queries and Direct Contact Email us on: [email protected] ---------------------------------------------------------------------------------------------------------------------------------- Copyright disclaimer under section 107, of the copyright act of 1976, allowance is made for “ Fair use “ For purposes such as criticism, comment, reporting, news, teaching, scholarship, education and research. Fair use is a use permitted by copyright statue that might otherwise be infringing.