Global economic crises and increasing pressure to compete on an international level are forcing both public and private sector organizations to identify new ways to manage their supply chains and procurement processes. Global strategic sourcing is one strategy that is being adopted by organizations worldwide to drive cost savings of 50% or more in all areas of the supply chain.

But what exactly is “global strategic sourcing”? Essentially, it’s a holistic approach to objectively analyzing existing procurement processes to identify inefficiencies, automate tasks that were previously manual- or paper-based and re-engineer processes across the board to achieve hard and soft cost savings. While many companies have begun to implement automated e-procurement and e-sourcing tools to help achieve these goals, technology is just one piece of an overall strategic sourcing solution.

Components of a global strategic sourcing strategy can include:

By implementing these strategies, techniques and tools, businesses worldwide are able to:

Partnering with an experienced global sourcing consulting firm can help you get to market faster, more affordably and with more confidence in your vendors, products and services.


Article Source:China Sourcing Blog

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