Know-how in sourcing
Sourcing is the proactive management of a supply market to ensure access to adequate resources required for the long term needs of the firm: understand market characteristics, identify relevant potential suppliers, define a strategy for the firm, and set the objectives for any market shaping effort. Sourcing frames the agreement with the suppliers involved in the strategy, without necessarily going into the details of the contract. Sourcing teams include elements internal and external to the firm to reach their objectives, to include the eventual optimization of specifications in coordination with engineering, marketing, and / or research. Sourcing is the strategic management of external resources.