What is a Sourcing Company / Procurement Company and What are the Advantages of Procurement Services?

Publication date: March 9, 2023, 9:39 p.m.

In today's business world, companies are constantly looking for ways to streamline their operations and reduce costs. One way to achieve this is by using a sourcing company and their procurement services. However, finding the right suppliers, negotiating deals, and managing the procurement process can be a time-consuming and challenging task. This is where sourcing companies come in handy. In this article, we'll explore what a sourcing company is, how it works, and the benefits it can offer to businesses of all sizes.

Table of Contents

  1. What is a Sourcing Company / Procurement Company?
  2. How Does a Sourcing Company Work?
  3. Benefits of Using a Sourcing Company
    1. Cost Savings
    2. Time Savings
    3. Access to Expertise
    4. Risk Mitigation
    5. Scalability
  4. Advantages of Target Supply as a Procurement and Sourcing Company in Turkey
    1. What makes Target Supply different from other sourcing companies in Turkey?
    2. How does our procurement service work?
    3. What products can our customers source through Target Supply?
    4. How to start the purchasing process with Target Supply?
  5. Types of Procurement Services
    1. Direct Procurement
    2. Indirect Procurement
    3. Global Procurement
    4. Category Management
    5. Supplier Relationship Management
  6. Choosing the Right Sourcing Company

Sourcing companies and procurement services are becoming increasingly popular as more and more businesses seek to outsource their procurement functions. In this article, we'll explain what a sourcing company is, how it works, and the advantages it can offer businesses.

  1. What is a Sourcing Company / Procurement Company?

A sourcing company, also known as a procurement company, is a third-party organization that specializes in procurement services. It helps businesses find and purchase goods and services from suppliers at the best possible prices. Sourcing companies use their knowledge, experience, and networks to find the best suppliers for their clients.

  1. How Does a Sourcing Company Work?

When a business engages a sourcing company, the first step is to identify the products or services it needs. The sourcing company then uses its network of suppliers to find the best options for the business. Once the business has chosen a supplier, the sourcing company negotiates the best possible price and terms on the business's behalf. The sourcing company also manages the relationship between the business and the supplier, ensuring that the supplier delivers the goods or services as agreed.

  1. Benefits of Using a Sourcing Company

Using a sourcing company can offer several benefits to businesses, including:

    1. Cost Savings

Sourcing companies have the expertise to negotiate better prices with suppliers. They know the market and have experience in negotiating with suppliers. This can lead to significant cost savings for businesses.

    1. Time Savings

Sourcing companies can save businesses time by taking care of the procurement process. This allows businesses to focus on their core operations and leave the procurement function to the experts.

    1. Access to Expertise

Sourcing companies have the expertise to find the best suppliers for businesses. They have in-depth knowledge of the market, suppliers, and products. This expertise can help businesses make better procurement decisions.

    1. Risk Mitigation

Sourcing companies can help businesses mitigate risks associated with procurement. They have processes in place to ensure that suppliers meet the required standards and that goods or services are delivered on time and as agreed.

    1. Scalability

Sourcing companies can help businesses scale their procurement functions. They can handle procurement for businesses of all sizes, from small startups to large corporations.

Sourcing Company in Turkey

  1. Advantages of Target Supply as a Procurement and Sourcing Company in Turkey

    1. What makes Target Supply different from other sourcing companies in Turkey?

One of the key advantages of working with Target Supply is our innovative Purchasing Management System, myTarget. We pride ourselves on our unique myTarget system. This platform allows our clients to easily create requests for quotations (RFQs) and manage their orders and purchasing processes from start to finish. With myTarget, you'll have complete transparency into your procurement activities and can track your shipments in real-time.

But that's not all - at Target Supply, we pride ourselves on our personalized and responsive customer service. We understand that every business is unique, and we are committed to tailoring our services to meet the specific needs of each and every customer. Our team of experienced and knowledgeable professionals is always on hand to answer any questions or concerns you may have, and to provide expert guidance throughout the sourcing and purchasing process.

    1. How does our procurement service work?

Target Supply believes in transparency and provides businesses with regular updates on the status of their orders. They also provide detailed reports on the procurement activities, which enables businesses to track their spending and identify areas where they can make further cost savings. Click here to learn about our company.

    1. What products can our customers source through Target Supply?

We offer a wide range of products including but not limited to raw materials, textiles, food and beverage, construction materials, machinery and high-tech products from Turkey. Whether you're looking for a specific product, or need help sourcing materials or components for your manufacturing processes, we have the expertise and resources to get the job done right. We work closely with our customers to understand their specific needs and requirements and use our extensive supplier network to find the best products at competitive prices. Click to see all our supply service solutions.

    1. How to start the purchasing process with Target Supply?

It's easy! Simply visit our website and create an account to access myTarget. From there, you can start creating RFQs and managing your purchasing processes. If you have any questions or need assistance, our team of experts is always available to help.

  1. Types of Procurement Services

There are several types of procurement services that sourcing companies can provide. These include:

    1. Direct Procurement

Direct procurement involves the purchase of goods or services that are used in the production of other goods or services. For example, a manufacturing company might use direct procurement to purchase raw materials.

    1. Indirect Procurement

Indirect procurement involves the purchase of goods or services that are used to support the business, but are not directly related to the production process. For example, office supplies, travel expenses, and IT services.

    1. Global Procurement

Global procurement involves sourcing goods or services from suppliers located in different countries. This can be challenging due to differences in language, culture, and regulations. Sourcing companies that specialize in global procurement have the expertise to navigate these challenges.

    1. Category Management

Category management involves managing the procurement of goods or services within specific categories, such as IT, marketing, or logistics. Sourcing companies that specialize in category management have in-depth knowledge of these categories and can help businesses make better procurement decisions.

    1. Supplier Relationship Management

Supplier relationship management involves managing the relationship between the business and its suppliers. Sourcing companies can help businesses build strong relationships with their suppliers, which can lead to better prices, better quality, and better service.

  1. Choosing the Right Sourcing Company

When choosing a sourcing company, businesses should consider factors such as experience, expertise, and reputation. It's also important to choose a sourcing company that specializes in the type of procurement services the business needs.

If you're looking for a reliable and efficient purchasing and sourcing partner in Turkey, look no further than Target Supply. With our innovative Purchasing Management System, myTarget, personalized customer service, and extensive sourcing and purchasing services, we are dedicated to helping you achieve your business goals and succeed in today's global market.