Procurement Process

Strategic sourcing is a type of procurement process that constantly enhances and re-evaluates the purchasing activities of a business. The procurement process is the attainment of goods and services at the ideal total cost of ownership to match the needs of the purchaser in terms of quality, quantity, time and location. There are typically 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 a number of steps to strategic sourcing. These steps are the assessment of a company and of the supply market, total cost analyses, identification of suitable suppliers and more. 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 improve and manage deals more successfully.