7 Steps of Strategic Sourcing Process
Sourcing is a core step toward profitability, but because companies come in all shapes and sizes, it can be challenging to determine a sourcing process that works for all companies.
Most companies follow the 7-step sourcing process defined by A. T. Kearney. Since 2001, the 7-Step Strategic Sourcing Process has stood the test of time and has become the gold standard for sourcing.
By following these 7 steps to an effective sourcing process, you will be able to develop a strategy that best fits your business needs.
Most companies follow the 7-step sourcing process defined by A. T. Kearney. Since 2001, the 7-Step Strategic Sourcing Process has stood the test of time and has become the gold standard for sourcing.
By following these 7 steps to an effective sourcing process, you will be able to develop a strategy that best fits your business needs.
Strategic sourcing is a procurement process of developing channels of supply at the lowest total cost, not just the lowest purchase price. Ensure that the organization’s procurement needs are met profitably.
It expands upon traditional organizational purchasing activities to embrace all activities within the procurement cycle, from specification to receipt, and payment for goods and services to sourcing production lines where the labor market would increase firms’ ROI.
Strategic sourcing processes aim for continuous improvement and re-evaluation of the purchasing activities of an organization.
It expands upon traditional organizational purchasing activities to embrace all activities within the procurement cycle, from specification to receipt, and payment for goods and services to sourcing production lines where the labor market would increase firms’ ROI.
Strategic sourcing processes aim for continuous improvement and re-evaluation of the purchasing activities of an organization.
And What is the 7-Step Strategic Sourcing Process? The 7-step sourcing process plays an important role in helping companies achieve their business goals, and strategic sourcing not only keeps companies competitive but also closely connected to the market.
