The procurement department is often viewed and managed as an administrative function, with sourcing activities executed at arms length. Strategic sourcing addresses this issue by providing a strategic approach towards optimizing and continuously improving sourcing activities using a proven 7-step methodology. In this course from Gulf Training and Consultation Center, we describe the steps entailed in the strategic sourcing process. We outline an approach for developing product categories via an analysis of organizational spend. We then discover six go-to-market strategies and describe how each can be matched with different product categories. Finally, we identify the appropriate Key Performance Indicators (KPIs) required for the continuous improvement of sourcing activities, By the end of the course, participants will be able to:
Analyze internal spend and supply market dynamics to provide a foundation for sourcing plans
Execute different sourcing strategies to optimize savings and ensure supply security
Identify appropriate suppliers for effective execution of sourcing plans
Develop operational and strategic procurement processes for better value
Implement different purchasing methods to streamline procurement operations
Apply supplier integration techniques for sustainable supplier relations
Manage performance of procurement processes for continuous improvement
Purchasing and supply chain professionals at all levels of the organization as well as other company personnel who are involved in the purchasing process.
