Create An Effective Sourcing Strategy

As more and more companies rely on external suppliers to facilitate core business operations, the need for a clearly defined sourcing strategy is more important than ever. Successful companies have realized that defining such a strategy and its business benefits not only supports effective operations but also minimizes downstream vendor management risks. Defining, managing, and executing a complete sourcing strategy can ensure a continuous feedback loop — one that incorporates ever-changing business requirements while connecting them to the capabilities of relevant suppliers. It will also improve sourcing's ability to implement proper governance strategies. This report will help sourcing and vendor management (SVM) professionals define and formulate the strategy that builds the basis for successful sourcing initiatives.