Muhammad Ijaz Muhammad Ilyas khan’s Post

I wish more people understood this concept. Some organizations think you can do one function well and the rest will fall in place. Procuremnt should be as a whole function in order to work correctly.

Procurement is the universal set with unique subsets..

Procurement vs Sourcing vs Purchasing: What’s the Difference? These terms are often used interchangeably, but they represent distinct aspects of supply chain management: 🔹 Procurement is the umbrella process of acquiring goods or services. It covers everything from identifying needs, sourcing suppliers, negotiating contracts, and ensuring timely delivery. It’s strategic and involves long-term planning. 🔹 Sourcing is a subset of procurement focused on finding the best suppliers. It involves researching vendors, assessing their capabilities, negotiating terms, and managing supplier relationships to ensure reliability and cost-effectiveness. 🔹 Purchasing is the transactional side of procurement—executing the actual order, processing payments, and ensuring the goods/services are received as required. It’s operational and typically involves the day-to-day tasks. By understanding the unique roles each plays, businesses can optimize their supply chain for cost, quality, and efficiency. #Procurement #Supplychain #Purchasing #IBRU

Procurement vs Sourcing vs Purchasing: What’s the Difference? These terms are often used interchangeably, but they represent distinct aspects of supply chain management: 🔹 Procurement is the umbrella process of acquiring goods or services. It covers everything from identifying needs, sourcing suppliers, negotiating contracts, and ensuring timely delivery. It’s strategic and involves long-term planning. 🔹 Sourcing is a subset of procurement focused on finding the best suppliers. It involves researching vendors, assessing their capabilities, negotiating terms, and managing supplier relationships to ensure reliability and cost-effectiveness. 🔹 Purchasing is the transactional side of procurement—executing the actual order, processing payments, and ensuring the goods/services are received as required. It’s operational and typically involves the day-to-day tasks. By understanding the unique roles each plays, businesses can optimize their supply chain for cost, quality, and efficiency. #Procurement #Supplychain #Purchasing #IBRU

Procurement vs Sourcing vs Purchasing: What’s the Difference? These terms are often used interchangeably, but they represent distinct aspects of supply chain management: 🔹 Procurement is the umbrella process of acquiring goods or services. It covers everything from identifying needs, sourcing suppliers, negotiating contracts, and ensuring timely delivery. It’s strategic and involves long-term planning. 🔹 Sourcing is a subset of procurement focused on finding the best suppliers. It involves researching vendors, assessing their capabilities, negotiating terms, and managing supplier relationships to ensure reliability and cost-effectiveness. 🔹 Purchasing is the transactional side of procurement—executing the actual order, processing payments, and ensuring the goods/services are received as required. It’s operational and typically involves the day-to-day tasks. By understanding the unique roles each plays, businesses can optimize their supply chain for cost, quality, and efficiency. 🌍💡 hashtag #Procurement hashtag #Sourcing hashtag #Purchasing hashtag #SupplyChainManagement hashtag #BusinessOptimization

Procurement and sourcing are related but distinct processes in supply chain management: 1. **Sourcing** refers to the process of identifying, evaluating & selecting suppliers of goods or services. It focuses on: - Finding and vetting potential vendors. - Negotiating contracts and prices. - Ensuring the quality and reliability of suppliers. - Strategic decisions about where and how to obtain resources. 2. **Procurement** on the other hand, encompasses the entire process of acquiring goods or services. It includes: - Purchase orders and requisitions. - Supplier management. - Payment processes and contract management. - Logistics and delivery management. - Ensuring compliance with internal policies and external regulations. In short, sourcing is about selecting suppliers, while procurement is about managing the end-to-end process of acquiring goods and services. #procurement #sourcing

Procurement vs Sourcing vs Purchasing: What’s the Difference? These terms are often used interchangeably, but they represent distinct aspects of supply chain management: 🔹 Procurement is the umbrella process of acquiring goods or services. It covers everything from identifying needs, sourcing suppliers, negotiating contracts, and ensuring timely delivery. It’s strategic and involves long-term planning. 🔹 Sourcing is a subset of procurement focused on finding the best suppliers. It involves researching vendors, assessing their capabilities, negotiating terms, and managing supplier relationships to ensure reliability and cost-effectiveness. 🔹 Purchasing is the transactional side of procurement—executing the actual order, processing payments, and ensuring the goods/services are received as required. It’s operational and typically involves the day-to-day tasks. By understanding the unique roles each plays, businesses can optimize their supply chain for cost, quality, and efficiency. 🌍💡 hashtag #Procurement hashtag #Sourcing hashtag #Purchasing hashtag #SupplyChainManagement hashtag #BusinessOptimization

Procurement vs Sourcing vs Purchasing: What’s the Difference? These terms are often used interchangeably, but they represent distinct aspects of supply chain management: 🔹 Procurement is the umbrella process of acquiring goods or services. It covers everything from identifying needs, sourcing suppliers, negotiating contracts, and ensuring timely delivery. It’s strategic and involves long-term planning. 🔹 Sourcing is a subset of procurement focused on finding the best suppliers. It involves researching vendors, assessing their capabilities, negotiating terms, and managing supplier relationships to ensure reliability and cost-effectiveness. 🔹 Purchasing is the transactional side of procurement—executing the actual order, processing payments, and ensuring the goods/services are received as required. It’s operational and typically involves the day-to-day tasks. By understanding the unique roles each plays, businesses can optimize their supply chain for cost, quality, and efficiency. 🌍💡 hashtag #Procurement hashtag #Sourcing hashtag #Purchasing hashtag #SupplyChainManagement hashtag #BusinessOptimization

#ProcurementPoll 𝐖𝐡𝐢𝐜𝐡 𝐨𝐟 𝐭𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐬𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭𝐬 𝐚𝐛𝐨𝐮𝐭 𝐩𝐫𝐨𝐜𝐮𝐫𝐞𝐦𝐞𝐧𝐭 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 𝐢𝐬 𝐍𝐎𝐓 𝐭𝐫𝐮𝐞? 𝟭- Procurement management involves strategic sourcing and supplier selection. 𝟮- Effective procurement can lead to significant cost savings for an organization. 𝟯- Procurement management only focuses on acquiring goods, not services. 𝟰- Supplier relationship management is a crucial aspect of procurement. #procurement #supplychainmanagement #supplychain #logistics #warehouse #inventory

Procurement focuses on strategic sourcing, managing supplier relationships, and long-term value creation. Purchasing is the tactical process of acquiring goods and services, while sourcing identifies and evaluates potential suppliers to ensure cost-efficiency and quality. Together, they drive business success by ensuring the right products, at the right price, at the right time." #Procurement #Purchasing #Sourcing #SupplyChain