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Sourcing and contracting play a crucial role in procurement. Sourcing involves identifying and evaluating potential suppliers, and selecting the ones that can provide the best quality goods or services at the most competitive prices. Contracting, on the other hand, involves negotiating and finalizing the terms and conditions of purchase with the selected suppliers. These terms include price, quantity, delivery schedule, and payment terms among others. Both sourcing and contracting are aimed at ensuring that the organization gets the best value for its money.
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The procurement process can be tough to handle. Use our Procurement and Strategic Sourcing presentation to develop the action plan you need to achieve...
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After these puzzles were solved, the IBM team came up with the following procurement solutions: master data management, analytics and insights, sourcing and contracting, content management, order management and helpdesk and payables. The new procurement process allowed IBM to deliver $67 million in savings in the first year, reduce procurement costs by 13% and achieve an immediate four-point improvement in Net Promoter Score (NPS).
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