Strategic Sourcing

Developing a Strategic Sourcing plan can yield incredible benefits! The goal is to reduce total cost of ownership (TCO), improve cash flow, reduce supply risk, and enhance service, quality, innovation, safety, and diversity requirements.

  • First, request the support of a Project Sponsor (one or more members of Senior Leadership) by articulating the business case.
  • Next, form a Core Stakeholder Team which includes colleagues from the business. The Stakeholder Team should include decision-makers from each Functional Area of the business (Operations, Finance, Supply Chain, and Quality Assurance at a minimum). This collaborative approach will assure alignment of goals and resources.
  • ¬†Then, follow the 7-Step Sourcing process to maximize benefits to your company.