Learn about strategies beyond the traditional seven step sourcing process:
"A Creative Approach to Advanced Strategic Sourcing and Supplier Engagement"
...Procurement Managers and Strategic Sourcing Professionals often follow a consistent methodology when planning and conducting a sourcing initiative. Having a process provides a framework that, when correctly applied, can produce sustainable savings in a consistent manner. Creativity in the application of the strategic sourcing process will have a dramatic effect on the results achieved, regardless of whether a seven step sourcing process or a customized internal sourcing process is used.
In order to best optimize the results of a strategic sourcing initiative, there are several questions that should be answered at the project's initiation:
Two frequently overlooked components of any strategic sourcing methodology involve the collection of innovative market information and the supplier approach strategy. Often during the course of a strategic sourcing initiative, new product developments, alternate technologies, and shifts in spend patterns present themselves. A creative sourcing process is dynamic, so the sourcing professional may need to implement a revised or new strategy to adapt to changing conditions and events.
The sourcing professional should consider how and when to approach both incumbent and alternate suppliers during the actual sourcing phase. Imaginative strategies and open communication will help motivate suppliers to present the best proposal and optimize the total project results....
Download the full PDF of: A Creative Approach to Advanced Strategic Sourcing and Supplier Engagement.
