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Strategic Sourcing: Essential Methods & Processes
Strategic Sourcing
The 7-Step Strategic Sourcing Process
- Profile
Analyze the category, spend, and internal requirements. - Analyze
Understand the supply market and your suppliers. - Develop
Formulate a sourcing strategy. - Select
Execute an RFP/RFQ process, negotiate, and choose the supplier(s). - Implement
Onboard the new supplier and integrate them into your systems. - Manage
Continuously monitor supplier performance (Quality, Delivery, Cost, Innovation, etc.). - Optimize
Regularly look for improvement opportunities and refresh the strategy.
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