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Sourcing

What is Sourcing?

Sourcing is meant to be obtaining something from a source. Finding, Tracking, Locating, Tracing, or Tracking down are the other words and phrases for sourcing, as used by the dictionary.

As far as sourcing is a part of talent management is concerned: it includes actively searching and identifying the right people for the right job.

The meaning of sourcing is different in different scenarios: for example, in supply chain management (SCM), it is known as the planning management of suppliers and supplies. As per HRM, recruitment from a third party or finding some services get hired, are known as outsourcing: for example payroll management; etc. Moreover, from an HRD perspective, it is to source training facilities in terms of trainers/resource persons for training and development activities at organizations. According to finance and audits, the third party sourcing of audit firm services provision is in this domain. From a marketing viewpoint, advertisements and informing the target markets’ serving segments about products and services available are the concerned activities under sourcing. In line with technical and IT support, it is the website developments, software tailoring, and customization as per the client’s needs. And in the research world, baseline surveys conductions and statistical analysis of the data, remain under the scope of sourcing/outsourcing.