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Strategic Sourcing: The Optimum Approach to Buying




Best-in-class businesses understand the value that strategic sourcing creates and see it as essential to their overall growth goals. A company needs a variety of competencies to implement strategic sourcing and transfer value from supplier to customer along the supply chain in order to become a world-class procurement organization in the twenty-first century.

More than just the purchasing function's straightforward assignment of business to suppliers is strategic sourcing. It is a multifaceted process that results in an action plan spanning several years. The foundation of effective sourcing strategies is a thorough examination of the buy, the supply sector, and the core value drivers.

Course objectives

At the end of this course, participants will be able to:

  • Create a strategic sourcing plan that produces measurable results.
  • To maximize overall cost savings, put the strategic sourcing plan into practice.
  • Analyze and rank the available savings opportunities.
  • Create procedures to oversee the strategic sourcing contract's performance.
  • Utilize best practices and knowledge gained from strategic sourcing initiatives.

Targeted Audience

  • Procurement Officers
  • Contracting Officers
  • Supply Chain Professionals
  • Program Managers
  • Those who are involved in the planning, evaluation, preparation and management of purchasing, tenders, contracts that cover the acquisition of materials, equipment, and services

Course outline

Unit 1: Creating and Applying Successful Sourcing Strategies

  • What is a Sourcing Strategy?
  • How to Measure Procurement Excellence
  • Strategic vs. Tactical Sourcing
  • Benefits of Strategic Sourcing
  • Strategic Sourcing and Industry
  • The Methodology of Strategic Sourcing

Unit 2: Strategy Development and Commodity Management

  • Develop a Strategic Sourcing Plan
  • Evaluate and Prioritize Commodities
  • Analyze The Supply Market
  • Develop a Commodity Strategy
  • Develop The Acquisition Strategy
  • Develop a Transition Plan

Unit 3: Sourcing Path Selection (Competition or Collaborative Supplier Development)

  • Selection of Implementation Path
  • Identification of Preferred Supplier(s)
  • Supplier Development and The Strategic Sourcing Process
  • Supplier Development Constraints
  • Negotiation Strategy – Competitive vs. Collaborative
  • Proposal Solicitation and Evaluation

Unit 4: Making Use of Supply Management Tools and Methods to Enhance Performance Classification and Analysis in Procurement

  • Principles of Cost and Value Management for Strategic Cost Management
  • Being aware of total cost of ownership
  • Purchase Evaluation Instruments and Methods
  • Performance Evaluation and Measuring

Unit 5: Supplier Performance Management, Quality Management, and Supply Base Integration

  • The Importance of Supplier Performance Management
  • Developing and Maintaining Long-term Supplier Relationships
  • Performance Measurement and Evaluation
  • Quality Management for Strategic Sourcing
  • Supply Base Integration and Development
  • Pursuing Global Supply Management Excellence

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