Creating value through strategic sourcing

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Strategic sourcing can be defined as an institutional sourcing and supplier management process that continuously improves and re-evaluates the supply chain activities of a company. In recent years, the macroeconomic environment has changed - supply bases are becoming more risky due to volatile input prices and increasing frequency of disruptions.

Its principal objectives are to:

  • Establish a consistent framework/approach to improving the quality, service and technology of goods and services consumed by an organization
  • Develop tools and capabilities that enhance visibility into the goods and services consumed
  • Provide a single view across the enterprise of goods and services consumed
  • Develop standard agreements/templates
  • Create and deploy a framework/policy that addresses ongoing maintenance and monitoring of goods and services procured by the organization (e.g., procurement agreements compliance)
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