Strategic sourcing is a powerful tool for streamlining operations, reducing costs, and building an enduring competitive advantage. It is an excellent tool to use, but you must be systematic about it. Here are a few practical steps to implement a strategic sourcing process.

Define your sourcing strategy

It would help if you decided what you wanted to achieve through your sourcing strategy. What are your sourcing goals? Which business outcomes are you trying to optimize? Now, more specifically, what are you trying to achieve through strategic sourcing? What are the key benefits you expect from implementing a strategic sourcing strategy?

If you’re not sure yet, it’s probably a good idea to get some feedback on what you’ve said so far. Someone with a practical perspective on business could help you ensure that you’re not aiming too high or too low. Someone who has done strategic sourcing before could also …