Different companies have started to welcome back employees to the office after two years of the havoc created by the pandemic. In this new era of hybrid working, strategic sourcing teams are the unsung heroes. Why? Even though their job is working from behind the scenes, they control the company’s sourcing and procurement channels.
However, during the pandemic, supply chain disruptions have badly affected the success of businesses. It has brought procurement under the spotlight, highlighting how curbing risks is crucial for the business. Besides, it also focuses on how a stable and solid business relationship with suppliers is a bonus.
Down below are the seven steps to effectively implement sourcing strategies in your organization.
1. Identifying and Categorizing Expense Areas
To initiate the strategic sourcing process, companies must first identify their spending or expense areas. These need to be categorized on whether they are too critical/non-critical. Doing this will ensure that your company understands when to prioritize a particular sourcing activity. A solid sourcing strategy will also help analyze risks associated with the chosen category.
