Sourcing Meaning: Definition, Examples, and Translations
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sourcing
[หsษหrsษชล ]
Definition
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?
| Word | Description / Examples |
|---|---|
| sourcing |
This term is generally used in a business setting to describe the process of finding suppliers or materials. Itโs often related to supply chain management.
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| 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.
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| 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.
|
| 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.
|
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.
Translations
To see the translation, please select a language from the options available.
Interesting Facts
Business
- Effective sourcing can significantly impact a companyโs 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.
Origin of 'sourcing'
Main points about word origin
- 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.
The term 'sourcing' originated in the business world and has become increasingly popular in the context of supply chain management. It emphasizes the strategic process of finding the best suppliers and partners to meet the company's needs.
See also: insourcing, outsource, sources.