The steps involved in the process associated with Sourcing are:  

(i) Selecting a Supplier: Selecting a supplier as the source means the company needs to spend time and effort to get to know about the supplier and ask the tough questions. After all, it's the reputation of the business that's at stake. Companies need to do business with the suppliers that will ensure their products will deliver the best results. 

Here are some characteristics to look for when choosing a supplier:

(ii) Securing a Supplier: If you can visit a supplier in person, your chances of securing that vendor grow exponentially. a few of the critical steps to consider when researching and securing a supplier are as follows:

(a) Do Proper Research: Starts by carrying out extensive analysis on the supplier's reputation. It can be done through Better Business Bureau, local Chambers of Commerce in areas where they do business, and online search engines for customer complaints. These can provide important clues and provide areas to probe. Checking vendor social media accounts can be enlightening. Customers aren't shy about leaving negative comments online. Verification of registrations, business licences, and any required certifications has to be done The company needs to fully vet any supplier and verify their credibility. Once you have a strategy in place, you can be particular about which suppliers meet your needs and those that won't.

(b) Negotiate a Fair Deal: A Manufacturer needs to strike a deal at a fair price that allows him/her to make the kind of profit they need. Everybody, however, deserves to get a fair deal and make money. Companies may find that the supplier they really want to do business with is unable to meet the price point. If that's the case, companies need to make a decision on whether they can accept their price or need to find other sources. A Manufacturer needs to strike a deal at a fair price that allows him/her to make the kind of profit they need. Everybody, however, deserves to get a fair deal and make money. Companies may find that the supplier they really want to do business with is unable to meet the price point. If that's the case, companies need to make a decision on whether they can accept their price or need to find other sources. 

(c) Determine Payment Terms: Every business entity needs to get money for the items they supply. The time and mode of payments for the goods to be supplied can make a difference in the cash flow of both companies. There are plenty of examples where two sides strike a deal on everything else, but get hung up on lines of credit or payment terms. Often, companies can get better deal points if they guarantee payments within shorter time periods. Before getting to the numbers, companies need to start by establishing good communication and taking time to understand a supplier's business. This involves Making sure that the relationship will be mutually beneficial to both parties, and being honest about what is expected from the relationship. "Don't be afraid to ask for better terms than what's offered. For example, if vendors expect payment in 30 days, you can certainly ask to extend credit for 60 or 90 days. You may not get it, but you might! Or, maybe you'll end up at 45 days which gives you 15 days' extra time to pay." A Famous quote on payments says "Regardless of where you wind up, think carefully about what you want before you sign off on payment terms. You'll live with the consequences." It's always better to have the discussion at the beginning and be transparent about the plan rather than going back to a supplier later and asking for changes.

(d) Specify Delivery Expectations: The importance of a strong supplier-to-business relationship applies to delivery times as well. Depending on the business structure and needs, there are various options. In negotiating an agreement, discussing the needs fully is highly important. This discussion will help companies to find if the supplier is unable to meet the needs. Companies may also be able to negotiate better pricing or terms by adapting the delivery expectations to work the way the supplier prefers. If you have the flexibility in your supply chain or timeline, you may be able to conclude a better deal. Managing your inventory effectively helps reduce your holding costs and tying. up capital that could be used elsewhere in your business. Whether you choose continuous replenishment, just in time inventory, or on-demand delivery, all require the cooperation of reliable businesses and suppliers.