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As the strategic sourcing process has matured, and the Fortune 500 companies have been implementing best practices, several philosophies for creating effective sourcing strategies have emerged. I would like to address them through 10 principles. This month’s Blog will cover the first five principles and the rest will be presented next month.

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Procurement Operations shall be carried out in accordance with the following basic principles: 1. The Procurement Section shall strive to conduct procurement transactions on the basis of fair, equitable, transparent and free competition without involving personal interests or arbitrary considerations.

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Employment is a relationship between two parties, usually based on a contract where work is paid for, where one party, which may be a corporation, for profit, not-for-profit organization, co-operative or other entity is the employer and the other is the employee.

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