Meaning of the word sourcing in English

What does sourcing mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

sourcing

US /ˈsɔːrsɪŋ/
UK /ˈsɔːsɪŋ/

Noun

the process of finding and obtaining raw materials or products

Example:
The company is focused on ethical sourcing of its coffee beans.
Effective sourcing can significantly reduce production costs.

Verb

the present participle of 'source'

Example:
We are currently sourcing new suppliers for our raw materials.
The company is sourcing all its components from local manufacturers.