The aim of strategic sourcing is to ensure the timely delivery of goods and services in line with an organisation’s business objectives, while reducing supply chain risks and costs. This activity requires collaboration across the company’s various divisions.
Organsations create the best strategic sourcing model for their business based on what is provided, either by working in-house or outsourcing to professionals. By doing so, organisations are able to devote more time to revenue-generating activities.
The sourcing process analyses what the organisation buys, from whom, how much and how often. The difference between strategic sourcing and conventional purchasing is that it focuses on the entire life-cycle of, rather than just the initial purchase.
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