How do you develop a sourcing strategy in procurement?
Understanding The Famous 7 Step Strategic Sourcing Process
- Step 1: Profile The Category.
- Step 2: Supply Market Analysis.
- Step 3: Develop The Sourcing Strategy.
- Step 4: Select The Sourcing Process.
- Step 5: Negotiate and Select Suppliers.
- Step 6: Implementation and Integration.
- Step 7: Benchmarking.
What are some procurement strategies?
Five winning procurement strategies
- Simplifying the purchasing chain.
- Managing supplier risk.
- Consolidating the supplier database.
- Establishing predictive analytics capabilities.
- Incorporating the department into the company’s collective innovation system.
What are the types of sourcing in procurement?
Different Types of Sourcing Methods
- Low-cost Country Sourcing.
- Global Sourcing.
- Prime/Sub Arrangements.
- Captive Service Operations.
- Conventional Agreements.
- Operational.
- Professional Services.
- Manufacturing.
What are the six supplier strategies?
Six Simple Strategies Suppliers Can Use To Do More For Their…
- Focus First on Your People.
- Listen to Your Customers.
- Focus on Lead-time Reduction.
- Understand Your Vision and Have a Plan.
- Share Expertise with Customers.
- Market to OEM Customers How You Manage Risk.
What are examples of sourcing strategies?
Some sourcing strategies to consider:
- Outsourcing. Having suppliers provide goods and services that were previously provided internally.
- Insourcing. Delegating a job to someone within the company.
- Nearsourcing.
- Vertical integration.
- Few or many suppliers.
- Joint ventures.
- Virtual enterprise.