Strategic Sourcing

Strategic Sourcing is a systematic and fact-based approach to optimize an organization's supply base and improve the overall value proposition. Unlike tactical purchasing, strategic sourcing takes a holistic view of procurement activities to achieve long-term benefits.

The strategic sourcing process typically involves:

• Spend analysis and category profiling
• Market analysis and supplier research
• Sourcing strategy development
• RFP/RFQ development and supplier selection
• Negotiation and contract implementation
• Continuous improvement and relationship management

Digital procurement platforms enhance strategic sourcing by providing data-driven insights, automating routine tasks, and enabling cross-functional collaboration to identify and capture value beyond just price reductions.