Difference between sourcing and Procurement.

Difference between sourcing and Procurement.

Sourcing is defined as finding of new suppliers for our new products, getting RFQ for the raw materials, evaluating them and continuing business with the suppliers.Sourcing is a one time process for a raw material.
The sourcing activities are the Request for Quotes for new products, getting the vendor information, uploading the vendor information into the system, lead time,pricing,Minimum ordering quantity, standard packing quantity.The following activities are one time activity, but we have to change the price and other factors in the system as per the supplier request.

Procurement is a repeated process of placing purchase order(POs ) with the suppliers, getting confirmation for the orders, and follow up with the suppliers untill the on time delivery of material.