Strategic Sourcing Matrix Definition

Strategic sourcing is the process of identifying and selecting suppliers who can provide goods or services that meet an organization’s needs. A strategic sourcing matrix is a tool used to evaluate potential suppliers based on a variety of criteria, such as cost, quality, and delivery.

The first step in creating a strategic sourcing matrix is to identify the criteria that will be used to evaluate potential suppliers. These criteria will vary depending on the organization’s needs, but may include factors such as cost, quality, delivery, and customer service. Once the evaluation criteria have been determined, each potential supplier can be evaluated against these criteria.

The results of the evaluation can then be used to create a shortlist of suppliers that meet the organization’s needs. From this shortlist, the organization can choose the supplier that offers the best value for their specific needs.