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.