Strategic Sourcing

Strategic sourcing is a type of procurement process that constantly improves and re-evaluates the purchasing activities of a company. The procurement process is the attainment of goods and services at the best total cost of ownership to match the needs of the purchaser in terms of quality, quantity, time and location. There are usually seven procurement steps in the procurement life cycle. These steps include information gathering, supplier contact, background review, negotiation, fulfillment, maintenance and renewal.

There are also several steps to strategic sourcing. These steps include the assessment of a company and of the supply market, total cost analyses, identification of suitable suppliers and more. If you wish to learn more about strategic sourcing, one can attend a procurement conference. If you go to a procurement conference, you will have an ideal opportunity to enhance and manage deals more successfully.