Strategic Sourcing
Strategic Sourcing is the methodical approach within procurement to develop and improve supplier channels. It involves analyzing expenditures, the market, and the organization's needs to formulate an optimal sourcing strategy, ensuring reliable supply, cost efficiency, and influential relationships with key suppliers.
Level 1: Emerging
At an emerging level, you are beginning to identify and evaluate potential suppliers, negotiate contracts and manage supplier relationships, while demonstrating a basic understanding of market trends within procurement.
Level 2: Proficient
At a proficient level you are able to strategically source suppliers, negotiate contracts, and manage supplier relationships effectively to optimize procurement outcomes while aligning with organizational goals and objectives.
Level 3: Advanced
At an advanced level, you are able to effectively develop and implement strategic sourcing strategies that optimize cost savings, enhance supplier relationships, and drive innovation within the procurement function.
