Vendor Sourcing

Vendor sourcing is the strategic process of identifying and selecting vendors to supply an individual or organization with goods and services. This critical function within procurement involves evaluating and choosing suitable vendors based on various key factors, including location, pricing, reliability, and stability.

Procurement professionals aim to meet the organization's needs by identifying vendors who can provide the required goods or services at the right time and location. The selection process considers critical elements to ensure that vendors align with the organization's objectives, emphasizing factors like reliability and stability alongside practical considerations such as cost-effectiveness.

Learn more about Ivalua's sourcing software solutions.