11 Stages Of Sourcing Process

The 11 stages of sourcing process is a comprehensive approach to the procurement of goods and services that organizations use to ensure they are getting the best value for their money. This process begins with the identification of the need for a particular product or service, followed by the development of a request for proposal (RFP) that outlines the organization’s requirements. After the RFP is issued, potential suppliers are identified and contacted, and then a selection process is conducted to determine the best supplier. Once the supplier is chosen, a contract is negotiated and finalized, and the supplier is monitored throughout the entire process. The 11 stages of sourcing process also includes the management of supplier relationships, ensuring that the supplier is meeting the organization’s needs, and the evaluation of the supplier’s performance. This process is designed to ensure that organizations are getting the best value for their money, and that the products and services they are procuring are of the highest quality.