Sourcing: meaning, definitions and examples

This term is generally used in a business setting to describe the process of finding suppliers or materials. It’s often related to supply chain management.

• The company focused on ethical sourcing of its raw materials.
• She is in charge of sourcing new vendors for the project.

Procurement usually refers to the formal process of purchasing goods and services. It often involves a series of procedures to ensure compliance and efficiency.

• The procurement department handles all the company’s supply chain needs.
• They followed strict procedures during the procurement of medical equipment.

Purchasing is a common term that refers to the act of buying goods or services. It is often used in everyday language and in various business contexts.

• She is responsible for purchasing office supplies.
• They are purchasing new software to manage their customer relations.

Acquisition can refer to the act of obtaining something, often used in the context of purchasing companies or assets. It implies a more strategic or significant investment.

• The large corporation completed the acquisition of the smaller startup.
• They announced the acquisition of new technology to improve their services.