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Strategic sourcing is a systematic procurement process that continuously improves and re-evaluates the purchasing activities of a company. It is a form of supply chain management.

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 costs)
  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)

Systematic strategic sourcing was initiated by General Motors in the 1980s and soon became a common strategic business tool. Many companies worldwide reviewed their purchasing activities and initiated strategic sourcing programs in response to the rise of the People's Republic of China as a global manufacturing hub after its accession to the World Trade Organization in 2001.

See also

  • Reverse auction
  • RFP

References

  • Nishiguchi, Toshihiro. Strategic Industrial Sourcing (New York: Oxford University, 1994) ISBN 0195071093

External links

  • Purchasing magazine

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This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "strategic sourcing".