What is Sourcing all about?
In business, the term ‘sourcing’ refers to a number of procurement practices, aimed at finding, evaluating and engaging suppliers of goods and services.
The supply chain
It’s the movement of materials as they flow from the supplier to the end customer. The process involves efficient methods of purchasing, warehousing, transportation, customer service, demand planning, and supply planning. It is made up of the people, activities, information and resources involved in moving a product from its supplier to customer.
Purchasing refers to a business or organisation looking to acquire goods or services to accomplish the goals of the enterprise.
- ‘Lean’ is about doing more with less: time, inventory, space, labour, and money
- ‘Lean manufacturing’ - shorthand for a commitment to eliminating waste, simplifying procedures and speeding up production.
- ‘Lean production’ is in its most basic form, the systematic elimination of waste – over-production, waiting, transportation, inventory, motion, over-processing, defective units – and the implementation of the concepts of ‘continuous flow’ and ‘customer pull’.
There are both economic and environmental benefits from having a global sourcing & supplier programme: key, it improves operational efficiency and thereby increases earnings, but also it enables our business to consolidate warehousing, handling costs and reduces manufacturing, freight and packaging pollution.
Through TR’s ‘Sourcing & Supplier Development Strategy’, the team works closely with TR’s General Managers, purchasing & sourcing managers and local/global sales teams to ensure that we understand their requirements and operational needs to win and secure new business and build on the solid partnership relationships our TR colleagues have across the globe 24/7 - the foundation and strength of the TR ethos.