Strategic Sourcing in the Modern Age: Best Practices for Global Managers

Strategic sourcing is gaining popularity as digital transformation is causing procurement and supply chain processes to evolve. It requires analysis of what an organization buys, from whom, at what price, and at what volume. Strategic sourcing differs from conventional purchasing because it emphasizes the initial purchase price to focus on the total cost of ownership and optimizing the sourcing process through ongoing market analysis and building relationships with suppliers.