Steps towards a successful Sourcing Strategy

August 21, 2015 Ken Klaver

freight audit.ControlPay

This report by the Aberdeen Group illustrates the requirements for developing a strategic sourcing organization today, and how to create a roadmap for success into the future.

This analysis is based on 120 respondents who are active in Strategic Sourcing at organizations that deployed the concept both in the short term (between one to five years) and longer (five years and greater).

In business, the term word sourcing refers to a number of procurement practices, aimed at finding, evaluating and engaging suppliers for acquiring goods and services

Because of today’s competitive business climate, supply chain management professionals are constantly seeking out creative ways to reduce costs, assure and improve the quality of the final product and achieve a faster time to market. Strategic sourcing is one method that procurement managers can use to help achieve these supply chain goals. It helps to:

1. Identify Suppliers

2. Cultivate Relationships

3. Continuously Improve Skills

4. Understand and Embrace the Possibilities

For supply chain managers looking to maximize the effectiveness of today’s complicated supply chains, strategic sourcing is a body of knowledge that can help increase efficiency and reduce costs. In order to remain competitive and relevant in today’s chaotic markets, it is necessary to utilize the most beneficial cutting-edge tools. Effective strategic sourcing can make a tremendous positive difference to the supply chain of companies of all sizes. 

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