Temple University 3 credits SCM
Globalization and increased competition with fluctuating price and availability of raw materials have increased the need for better supplier management. A company's supply chain consists of various entities, including suppliers, manufacturers, distributors, logistics providers, and retailers to fulfill a customer's demand. Sourcing is identifying potential suppliers or manufacturers for a specific product or service, while procurement involves validating, negotiating, finalizing, and purchasing from the source. Both sourcing and procurement are important activities for any organization as it helps in significantly reducing the overall costs, improving the product quality, and shortening the product time to market.
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