Strategic sourcing is an institutional procurement process that continuously improves and re-evaluates the purchasing activities of a company. Across the world, there is a significant pressure on Procurement Professionals to deliver cost savings irrespective of external market conditions.Strategic Sourcing presents a methodical process-based approach to maximize internal Procurement efficiency as well as deliver incremental cost savings.

At ISM India, we understand that our member organizations are at various stages in their Strategic Sourcing endeavours. Irrespective of the size and maturity of the Procurement function in your organization, this represents an opportunity to reflect and re-calibrate or to understand and implement the Strategic Sourcing process.

This will be the first in a series of monthly Webinars on Strategic Sourcing.The first webinar will introduce the concept and benefits of Strategic Sourcing. We will then proceed to delve deeper into each of the individual areas (Spend Analysis, Supply Market Analysis, Sourcing Event and Negotiation, Contracting & Supplier On-boarding and Supplier Performance Management) in future webinars.