Strategic sourcing is not very different from the normal sourcing process except that it requires more effort during the planning and analysis phases to gain greater value throughout the process.
The revised strategic sourcing process consists of three main phases that encompass the complete sourcing process with stages 0-7:
- Phase 1: Opportunity Assessment,
- Phase 2: Sourcing Strategy Development; and
- Phase 3: Sourcing Strategy Implementation.
The strategic sourcing process requires an organised approach that allows a supply chain function to work systematically and reduce costs.
As with all sourcing models, it has seven main stages. These start with procurement planning and end with contracting and managing the supplier relationship.
