Strategic Sourcing is a purposeful approach to procurement of goods and services. It involves a comprehensive analysis of the organization’s needs, collecting market insights, and researching potential suppliers for competitive bidding. It includes negotiating contracts and continuously managing supplier relationships. See the Reference Chart below for an overview of the Process.
The goal is not just to save money but also to ensure that the products and services purchased are of high quality, delivered on time, and meet the organization’s specific requirements. This approach helps businesses operate more efficiently, reduce costs, and build strong partnerships with suppliers.
Strategic Sourcing is intended to support stakeholder goals, it is not a:
- Low-cost or low-quality alternative
- Replacement for stakeholder decision rights
- One size fits all process
For more information and to discuss opportunities, please contact our Team.
