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Sourcing: meaning, definitions and examples

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sourcing

 

[ˈsɔːrsɪŋ ]

Definition

Context #1 | Verb

business

The process of finding, evaluating, and engaging suppliers to provide goods or services for a company.

Synonyms

acquisition, procurement, purchasing.

Which Synonym Should You Choose?

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Word Description / Examples
sourcing

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

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

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

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.

Examples of usage

  • Effective sourcing can lead to cost savings for the company.
  • Companies often outsource their sourcing to specialized firms.
  • Sourcing requires careful negotiation and relationship management.

Interesting Facts

Etymology

  • The word 'source' comes from the Latin 'sors', meaning 'to flow' or 'to spring forth', which reflects how materials are obtained.
  • The suffix 'ing' turns the noun 'source' into a verb form, indicating the action of obtaining.
  • Sourcing as a term became more common in business language in the late 20th century.

Business

  • Effective sourcing can significantly impact a company’s profits by reducing costs and improving quality.
  • Global sourcing has allowed companies to tap into markets around the world, accessing cheaper materials.
  • Ethical sourcing has gained popularity, emphasizing fair trade practices and sustainable materials.

Culture

  • In various cultures, sourcing of raw materials often ties back to traditions and craftsmanship.
  • Many artisanal products boast local sourcing to promote authenticity and support local economies.
  • Cultural festivals may emphasize sourcing local foods, showcasing regional culinary practices.

Science

  • In environmental science, sourcing materials sustainably is crucial for minimizing ecological footprints.
  • Research involves gathering data from various sources to understand complex scientific phenomena.
  • The principles of sourcing are applied in many scientific experiments to ensure reliability of evidence.

Technology

  • Cloud sourcing has revolutionized how businesses access and store data, moving resources online.
  • Artificial intelligence tools are increasingly used to optimize sourcing decisions based on market data.
  • Open-source software is a form of collaborative sourcing allowing users to share and improve code.

Translations

Translations of the word "sourcing" in other languages:

🇵🇹 obtenção

🇮🇳 स्रोत

🇩🇪 Beschaffung

🇮🇩 sumber

🇺🇦 джерелознавство

🇵🇱 pozyskiwanie

🇯🇵 調達

🇫🇷 approvisionnement

🇪🇸 abastecimiento

🇹🇷 temin

🇰🇷 소싱

🇸🇦 المصادر

🇨🇿 zdrojování

🇸🇰 zdrojovanie

🇨🇳 采购

🇸🇮 nabava

🇮🇸 öflun

🇰🇿 сатып алу

🇬🇪 მიწოდება

🇦🇿 təchizat

🇲🇽 abastecimiento

Word Frequency Rank

Positioned at #21,406, this word is part of extensive vocabulary. It's relatively rare in general usage but may be important in specific fields or formal writing.