In the cost structure and competitiveness of small and big enterprises, strategic sourcing skills play an important role. These skills involve analysing high-volume purchases and developing long-term partnerships with a select group of suppliers capable of providing low-cost quality products and services.

High-volume acquisitions are the strongest candidates for strategic acquisition because they are expected to have the greatest effect on lower cost structures.

In this video, lets take a quick look on the Top 3 Best Practices followed in Strategic Sourcing.

Written By IIPMR Team

International Institute for Procurement and Market Research (IIPMR) is a global leader in offering Certifications in Supply Chain, Procurement & Market Research. IIPMR Team comprises of senior executives and ex-employees from Apple, IBM, Walmart, P & G, HP etc. IIPMR has members from 78 Countries that have completed CPP, CSCS, CSCA, CRA, CRE and CRP Certifications.