Importance of Supplier Selection Criteria in Strategic Sourcing
According to the Aberdeen Report on Strategic Sourcing, 68% of the survey respondents believe that strategic sourcing plays a huge role in their organization.
53% of the survey respondents believe that a top strategic goal is aligning their sourcing activities with the objectives of the greater organization.
Strategic Sourcing is a Must Have.
Direct Material Procurement is a multi-layered process. It includes demand tracking and BOM processing for RFPs, RFQs, and POs, for example, and involves multiple tiers of suppliers. And businesses struggle with the ready availability of structured data for effective and timely business decision-making. Furthermore, supply risks are rising as a result of a diverse supply base, trade-wars, geo-political tussles, inflation, post-covid-19 impacts, and sustainability-related complexities.
The impact of any small inefficiency in the direct material process is profound. They directly impact the company’s reputation, business and growth. But there is a way for companies to streamline their direct material procurement process, build resilience, and maintain strategic relationships with their suppliers. Implement Strategic Sourcing. In this E-book we will look into the following,
What is Strategic Sourcing?
- What is a Strategy?
- External and internal parameters to consider while implementing strategic sourcing
- Benefits of Strategic Sourcing and
- 7-Step to Implement Strategic Sourcing Process