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Effective Purchasing Operation & Strategic Sourcing

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What are the key points about an effective purchasing operation, and how do you effectively conduct strategic sourcing?

Please provide references if any used thanks

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Solution Summary

* Purchasing, Procurement, Strategic sourcing explained
* Purchasing and what makes it effective
* Strategic sourcing steps
* 508 words
* four (4) non-APA references

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Purchasing is a transaction or the activity of buying necessary goods or services for the company to produce its products and services. Before the purchaser decides to buy the products, the company must have already done strategic sourcing to identify a formal decision in the selection of the supplier or suppliers.
Effective purchasing involves finding the lowest price that can give the product its best value. It is advisable to maintain good partnerships with suppliers that can offer it consistently or source from more than one supplier just in case the order increases and to ensure that the demand will be met. While low price is important, quality should not sacrifice for it. Quality assurance guidelines state that the company purchases only from ...

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