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Sourcing, purchasing, and procurement

Sourcing, purchasing, and procurement: Careers in Supply Chain and Operations
Sourcing, purchasing, and procurement: Careers in Supply Chain and Operations

Companies depend on sourcing, purchasing, or procurement. First, you have to find suppliers for the things you need. Then, you need to negotiate the best terms to buy them on, how much you'll pay, how much you need to buy, and how long you have to pay your bill. Once you find a supplier, you need to manage the relationship, making sure they are giving you what you need and maintaining the right levels of quality. You also need to make sure that their bills are getting paid. You also need to make sure that your suppliers are protecting themselves by staying financially sound, adopting good security and risk management practices, and more. This is because, if one of your suppliers has a problem, it can affect you and your business too. Companies can have a big social impact through their sourcing policies. So it is common for companies to set targets for a certain amount of the money they spend to be targeted at small businesses or a business from under-represented regions or communities.

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Skill Level Beginner
59m 21s
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Skills covered in this course
Business Business Skills Career Development Marketing

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