This analysis can take many forms, but key elements include:
1. Assessing the alignment between customer needs and market capabilities.
2. Analyzing how well current purchasing practice meets cost and performance criteria for all of Sourcing1 clients
3. Identifying savings potential, strategic alignment, implementation feasibility, and other criteria used to assess the products
Once those products are identified, three steps are taken to develop a strategic sourcing strategy:
Strategic Sourcing promotes an effective acquisition system that meets our client’s needs and ensures the prudent use of our client’s dollars within their budget.
Specifically, Strategic Sourcing:
When implemented company-wide Strategic Sourcing also encourages department collaboration and allows the company to aggregate requirements and reduce redundant contracting activities.