Unleashed - How To Thrive As An Independent Professional

Show Notes Will Bachman and Niul Burton discuss procurement and strategic sourcing. Procurement is the function of acquiring goods or services as inputs to a company's operations. Strategic sourcing is a subset of procurement that focuses on the sourcing of goods and services in order to maximize value and efficiency. Niul explained that procurement involves identifying, negotiating, contracting, and working with suppliers on an ongoing basis. He also discussed the importance of understanding the needs of the company, the market, and the supplier in order to ensure that the best deal is being offered. Finally, Niul stressed the importance of building relationships with suppliers in order to ensure successful and long-term collaborations. Functions of Procurement Procurement is the process of buying goods and services from external suppliers. Strategic sourcing is a subset of procurement that takes a big-picture perspective to maximize value from spending. Other functions within procurement include contract ne