Lesson 6 - SCM Sourcing 101- Learn sourcing of materials in procurement, purchasing management
SCM sourcing is a key activity in procurement an purchasing processes. A good logistic and supply chain professional should know the sourcing alternatives available when selecting suppliers! Watch and learn quickly! A good SCM job is waiting for you.
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Summary of video transcript
One of the most important activities of the purchasing process is the sourcing. What is sourcing? What are the alternatives? How to select suppliers professionally?
Sourcing is the process of identifying, selecting, and developing suppliers. In this video, you have to answer four questions. What are the materials required? How the company can obtain these materials? In the case of purchasing, who and where are the suppliers?
The what question lead us to the requirements. The how, if the company will be producing or purchasing the material. Alternatives for location, type, size, quantity are the answers to the questions who and where. The purchasing professional should evaluate alternatives and determine which one meets the company requirements and strategy.
One of the first decision to be made is if the company will produce internally or buy the resource required. If decides for producing internally, the production area should take care of the request.
In the case of purchasing, the company has some basic alternatives. The basic sourcing alternatives are:
Single vs. multiple suppliers
Local, regional, global suppliers
Retailers, distributors, manufacturers
Large and small suppliers
We will be working on them with more details next.
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Topics covered in this video: purchasing lectures, procurement training, purchasing training, purchasing lectures, supply chain lessons, logistic training, logistic lessons, logistic lectures, supply sourcing strategy, operations management (field of study), break-even analysis, operations management lecture, business process mapping, flowcharting mapping, supply chain (field of study)