Supplier sourcing and selection

Sourcing is the process of identifying, selecting and developing suppliers. Sourcing is the process involved in identifying potential vendors, conducting negotiations with them and then signing purchasing agreements with them to provide goods or services that meet your company needs. Sourcing refers to those decisions determining how components will be supplied for production and which production units will serve which particular markets.

Sources of Supplier Information

Sources of information relating to potential suppliers encompass:

  • Catalogue: This is a booklet containing details of items for sale the supplier. They contain valuable technical information and format of presentation is
  • Trade directories: These contain new product requirements, special/occasional requirements and emergency
  • Yellow pages: Entail a classified telephone directory, often printed on yellow pages that list subscribers business or service
  • Trade Journals: This is a periodical containing new development, discussions etc concerning a trade
  • Business advisors: Local business support organizations such as chambers of commerce or Enterprise Agencies often point out prospective suppliers to deal
  • Professional peers: This entail informal exchange of information between
  • Informational provided prospective suppliers
  • Internet

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