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Global sourcing is often associated with a centralized procurement strategy for a multinational, wherein a central buying organization seeks economies of scale through corporate-wide standardization and benchmarking. A definition focused on this aspect of global sourcing is: "proactively integrating and coordinating common items and materials ...
ISO 20400:2017 Sustainable procurement — Guidance is a standard by the International Organization for Standardization (ISO) that provides guidance to organizations, independent of their activity or size, on integrating sustainability within procurement. [1]
Low-cost country sourcing (LCCS) is procurement strategy in which a company sources materials from countries with lower labour and production costs in order to cut operating expenses. [citation needed] LCCS falls under a broad category of procurement efforts called global sourcing. The process of low-cost sourcing consists of two parties.
Strategic sourcing is the process of developing channels of supply at the lowest total cost, not just the lowest purchase price.It expands upon traditional organisational purchasing activities to embrace all activities within the procurement cycle, from specification to receipt, payment for goods and services [1] to sourcing production lines where the labor market would increase firms' ROI. [2]
Procurement is the process of locating and agreeing to terms and purchasing goods, services, or other works from an external source, often with the use of a tendering or competitive bidding process. [1] The term may also refer to a contractual obligation to "procure", i.e. to "ensure" that something is done.
Performance-based contracting (PBC) or results-based contracting, is a procurement strategy used to achieve measurable supplier performance. A PBC approach focuses on developing strategic performance metrics and directly relating contracting payment to performance against these metrics.
Thus, centralization of the procurement process to various points where the suppliers would be meeting with the procurement team is the latest strategy which the company is implementing, and signs show that this strategy is going to cut costs and also improve the efficiency of the procurement process. Strategic vendor partnerships is another ...
Procurement fraud can be defined as dishonestly obtaining an advantage, avoiding an obligation or causing a loss to public property or various means during procurement process by public servants, contractors or any other person involved in the procurement. [40] An example is a kickback, whereby a dishonest agent of the supplier pays a dishonest ...
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