Definition of Strategic sourcing:
A method of managing procurement processes for an organization in which the procedures, methods, and sources are constantly re-evaluated to optimize value to the organization. Strategic sourcing, which is considered a key aspect of supply chain management, involves elements such as examination of purchasing budgets, the landscape of the supply market, negotiation with suppliers, and periodic assessments of supply transactions.
How to use Strategic sourcing in a sentence?
- You should try to know how to best utilize any strategic sourcing techniques to get the most out of your product.
- Our strategic sourcing work was putting us above all the rest of the competition and making us a great and independent juggernaut.
- You should have a good strategic sourcing plan in place any time that you are going to take on a big new project.
Meaning of Strategic sourcing & Strategic sourcing Definition