What Is Strategic Sourcing

Strategic sourcing is an institutional procurement process that continuously improves and re-evaluates the purchasing activities of a company. It is one component of supply chain management.

The steps in a strategic sourcing process are:

Assessment of a company’s current spend (what is bought where)?
Assessment of the supply market (who offers what)?
Development of a sourcing strategy (where to buy what, while minimizing risk and costs)
Identification of suitable suppliers
Negotiation with suppliers (products, prices)
Implementation of new supply structure
Track results and restart assessment (continuous cycle)

Procurex has the services on hand to meet your organization’s strategic sourcing initiatives. Whether it’s learning how to perform strategic sourcing or managing a purchase category, Procurex can help.

Learn why you should utilize strategic sourcing.

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