Strategic sourcing is an institutional procurement process that continuously improves and re-evaluates the purchasing activities of a company. In the services industry, strategic sourcing refers to a service solution, sometimes called a Strategic Partnership, that is specifically customized to meet the client's individual needs.
Strategic Sourcing Process
Strategic Sourcing is a structured process which optimizes the government’s supply base while reducing Total Cost of Ownership (TCO) and improving mission delivery. Strategic Sourcing solutions are based on a robust analysis of spending patterns, the clear definition of business needs and requirements, and the alignment of government needs with supply market capabilities and commercial best practices. Strategic Sourcing solutions are developed and implemented collaboratively with stakeholders.