Strategic Sourcing is the process of continuously improving and re-evaluating the buying activities of a company.
Strategic sourcing involves several steps such as analysis of spend or expenditure, market research to identify qualified suppliers, negotiation of price and discounts, and finalizing the terms and conditions in a contract.
In this video, lets look at the 7 steps to follow in the strategic sourcing process.
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.
Strategic sourcing takes into account all processes that take place during the procurement period, from specification to receipt and payment of products and services. As a consequence, companies using Strategic Sourcing will build supply chains at the lowest overall cost, not just the lowest purchase price. In this video, lets look at the top 6 benefits of Strategic Sourcing.
To perform business-to-business e-commerce, e-Sourcing software is required to create an electronic venue for buyers and suppliers. It also streamlines workflows for better control of the supply chain and management of spending. E-sourcing software improves flexibility between buyers and suppliers and drives accountability. In this video, let us look at the top 5 E-Sourcing Software tools.
What is the difference between Sourcing and Procurement? Take a look at this video to learn more.
