||Terms Offered: F12(A)
||Strategic Sourcing --- Strategic sourcing in the collaborative and structured process of critically analyzing an organization's spending and using this information to make business decisions about acquiring commodities and services more effectively and efficiently.
The steps in a strategic sourcing process are:
1. Assessment of a company?s current spend (what is bought where?)
2. Assessment of the supply market (who offers what?)
3. Development of a sourcing strategy (where to buy what while minimizing risk and cost)
4. Identification of suitable suppliers
5. Negotiation with suppliers (products, prices)
6. Implementation of new supply structure
7. Track results and restart assessment (continuous cycle)
This course will provide you a framework for thinking about strategic sourcing and tools to effectively implement the strategic sourcing process.