Strategic sourcing is an official business process that is used to optimize the procurement of goods and services. It is a comprehensive approach to procurement that involves analyzing the entire supply chain and making decisions that will benefit the organization in the long run. Strategic sourcing focuses on creating value for the organization by finding the best suppliers, negotiating the best prices, and managing the entire supply chain. It involves a thorough analysis of the current market, identifying the most cost-effective suppliers, and negotiating the best prices. Strategic sourcing also involves analyzing the organization’s internal processes and making sure that they are efficient and cost-effective. This process helps organizations to reduce costs, increase efficiency, and improve their competitive position in the market. Strategic sourcing is a key part of any successful business and can help organizations achieve their goals.
