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Strategic sourcing is a comprehensive approach to building supply chains that analyzes all aspects of the procurement process in order to achieve the lowest total cost possible, rather than just the lowest buy price. We provide the most efficient sourcing services in Dhaka, bangladesh

Processes We Include In Strategic Sourcing

  • To start with strategic sourcing process, identify the spend areas that exist across all of the organization's business units and categorize them according to how critical or non-critical they are.
  • The second phase entails devising a strategy for approaching each categorized expense category. This entails determining the needs of the various business units.
  • To comprehend and evaluate important supplier profiles, the third step is to conduct an in-depth investigation of present and future suppliers. This involves examining a supplier's revenue or market share.
  • The fourth phase is to solicit RFIs/RFPs/RFQs from suppliers after the supplier market research is done. It is critical to express the organization's clear expectations.
  • Following the identification of the selection criteria, the fifth step is to identify suppliers who can provide the greatest cost reductions while maintaining good quality.
  • Choosing a supplier is only the beginning of the strategic sourcing process. The sixth phase is to assess how suppliers perform in relation to the organization's criteria and goals.
  • The seventh phase is to include Supplier Interaction Management (SRM) in the strategic sourcing process, which turns the relationship between the company and its suppliers into a two-way process rather than a one-way one.

Key benefits Of Our Strategic Sourcing Management Services

Top 3 Key Factors Of Strategic Sourcing Management

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Businesses can profit from strategic sourcing in a variety of ways, the most obvious of which is cost savings. Businesses can assure that they are always obtaining great cost reductions by sourcing suppliers using this strategy and continuing to analyze the shifting industry. This strategy also allows organizations to connect strategic sourcing with their business goals, increasing supply chain efficiency and reducing risk. These business goals can be aligned with the best available suppliers in order to realize them, resulting in high value at low cost, thanks to the process of analyzing vendors on more than just their original product cost.

FAQ For Strategic Sourcing Management

1What are the challenges of strategic sourcing?
The top four problems in the strategic sourcing process 1. Demand forecasting that is accurate. Overstocking ties up capital and takes up space, whereas understocking has the potential to lose clients. 2. Margin management. 3. Managing vendors. 4. Taking control of the purchasing process.
2What is the main focus of strategic sourcing?
Strategic sourcing entails creating a proactive, holistic, and ongoing examination and re-evaluation of an organization's sourcing efforts. Strategic sourcing strives to reduce Total Cost of Ownership (TCO) while reducing supply chain risk.
3What does strategic sourcing include?
Data collection, spend analysis, market research, negotiation, and contracting are all part of the strategic sourcing process. It does not include the purchase and payment of goods and services.
4What is procurement life cycle?
The procurement cycle (or procurement process) is the sequence of events that occur during the procurement process.

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