Strategic Sourcing Best Practices
Strategic sourcing is a well-planned, ongoing process of determining, prioritizing, enhancing, and re-evaluating sourcing activities. Every organization looking at gaining control over their supply chain activities should consider implementing the key strategic sourcing best practices.
To aid those looking at developing strategic sourcing capabilities, we’ve curated a list of the top strategic sourcing best practices that have helped best-in-class businesses to achieve their sourcing objectives:
- Make technology work for you
- Collaborate with key suppliers
- Focus on TCO
- Optimize inventory
- Adopt green initiatives
Strategic Sourcing Steps
Step 1: Perform a supply market analysis
Step 2: Profile the category
Step 3: Develop the strategy
Step 4: Adopt the right sourcing process
Step 5: Negotiate and select suppliers
Step 6: Implement and integrate
Step 7: Benchmark and track the results
About the Client
The client is a global leader in the residential construction sector.
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