Strategic Sourcing

Strategic sourcing is the process by which a company decides how to source its materials to optimize for the highest value of quality and price. This is a continual process, and one the company needs to constantly re-evaluate.

How to evaluate if you are following up the right sourcing strategy? Some questions to answer are:​

• Do we have the right suppliers identified for the new products?​

• Do we have the right resources and team that is needed for our purchasing organization to be well established for the next 5 to 10 years?​

• From a cost standpoint... Are we cost competitive in the market?​

• Do we have the right contracts and terms established with our customers and/ or suppliers?​

• Do we have the right purchasing policies in place for the organization?​

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