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This question is about list of skills.
Sole sourcing vs. single sourcing
The difference between sole sourcing and single sourcing is that sole sourcing refers to a scenario where a company must select a specific supplier because there are only one or very few suppliers of that product or service, while single sourcing refers to when a company has the power to choose its supplier.
Sole sourcing gives power to the supplier, as the company in need of its specific products or services has no other choice regarding other suppliers.
Meaning a company in the sole sourcing scenario does not have the opportunity to compare prices from different suppliers of a specific product or service and is stuck with the price of one supplier.
Single sourcing sees the company choosing its supplier of specific products or services from a pool of competing suppliers. This gives the company in need more power because they can compare prices and quality from several different suppliers and select the one that makes the most sense for their company.
Single sourcing is a more advantageous scenario for companies in need.
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