Most all businesses have some form of sourcing to other individuals or companies. Strategic sourcing is an approach that formalizes the way information is gathered and used so that a business can leverage its consolidated purchasing power to find the best possible values in the marketplace.
Developing an understanding of your sourcing power will allow you to make certain that you are saving the most money by finding the most affordable sourcing opportunities.
Sourcing should not always focus on the financial savings, but should also consider tasks and quality of the service.
Things to consider when sourcing:
- What are your buying needs
- What type of professional do you need
- What maximum price do you want to pay
- What volume do you want to purchase
- How do you plan to project manage
- Will you be able to meet deadlines
Dr. Elijah Clark (January 11, 2023). Strategic business sourcing [Web log post]. Retrieved from https://elijahclark.com/strategic-business-sourcing/