ENTREPRENEURSHIP

Detailed explanation-1: -Sourcing is an early activity in the supply chain but demand planning comes first in the supply chain process. By sharing projected requirements with your suppliers you can assist them to manage their own sourcing process and their inventory.

Detailed explanation-2: -Procurement includes sourcing, obtaining and paying for goods and services. Supply chain management also covers the logistics involved in obtaining goods, such as shipping and warehouse management, as well as transforming the procured goods into products and distributing them to customers.

Detailed explanation-3: -Procurement is only the first stage in the overall supply chain journey. Procurement is the process of getting goods and materials your company needs, but supply chain management is the method of transforming those goods into products and distributing them to customers as efficiently as possible.