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Sole Sourcing is the procurement process in which a single supplier is selected to supply a particular good or service due to unique capabilities or exclusivity agreements, despite the availability of other suppliers. This method is often used when only one supplier can meet the requirements or specifications needed, thus eliminating competition.
Key Benefits
– Cost savings: By Engaging a single Supplier, organizations can often negotiate favorable terms and volume discounts, leading to reduced procurement costs.
– Streamlined procurement process: Sole sourcing simplifies the procurement process, reducing administrative efforts and making it easier to manage Supplier relationships.
– Consistency and quality: with a single source, the Consistency of quality and supply can be better monitored and maintained, minimizing variations that could affect product performance.
– Stronger Supplier relationships: Engaging with one Supplier allows for deeper collaboration and partnerships, leading to innovative solutions and tailored services.
– Risk Reduction: By developing a close partnership with a reliable Supplier, organizations can better manage supply chain risks and respond more quickly to disruptions.
Related Terms
– Cost savings: By Engaging a single Supplier, organizations can often negotiate favorable terms and volume discounts, leading to reduced procurement costs.
– Streamlined procurement process: Sole sourcing simplifies the procurement process, reducing administrative efforts and making it easier to manage Supplier relationships.
– Consistency and quality: with a single source, the Consistency of quality and supply can be better monitored and maintained, minimizing variations that could affect product performance.
– Stronger Supplier relationships: Engaging with one Supplier allows for deeper collaboration and partnerships, leading to innovative solutions and tailored services.
– Risk Reduction: By developing a close partnership with a reliable Supplier, organizations can better manage supply chain risks and respond more quickly to disruptions.
References
Explore Zycus resources to learn more about Sole Sourcing:
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Master the UK Procurement Act 2023: Ensure Compliance & Drive Procurement Excellence
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Consolidated Invoice
A Consolidated Invoice is a single invoice document that aggregates multiple individual transactions or services provided over a certain period,
Compliance Scorecard
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Contract Addendum
A contract addendum is a formal document that modifies or adds terms to an existing contract without altering its original
Contract Authoring
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Contract Review
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Bid Response
A Bid Response is a formal reply by a supplier or vendor to a Request for Proposal (RFP) issued by
