Strategic Sourcing: The Optimum Approach to Buying

Introduction

Best-in-class companies recognize strategic sourcing as a value creator and consider it to be integral to their overall strategies for growth. To become a world-class procurement organization in the 21st century, a company requires various competencies that will enable it to effect strategic sourcing and transfer value throughout the supply chain from supplier to customer.

Strategic sourcing is far more than a simple allocation of business to suppliers by the purchasing function. It is a multi-functional activity that produces a plan of action for several years. Successful sourcing strategies are built on a rigorous analysis of the buy, the supply industry, and the fundamental drivers of value.

This GLOMACS Strategic Sourcing training course will feature:

• Strategic Sourcing: Critical Elements & Keys to Success
• Strategic Sourcing as compared with Tactical or Transactional Sourcing
• The Importance of Strategic Sourcing
• The Transition Process from Tactical to Strategic Sourcing
• Where e-Procurement Fits with Strategic Sourcing

Objectives

By the end of this Strategic Sourcing training course, participants will be able to:

• Develop a strategic sourcing strategy that achieves tangible results
• Implement the strategic sourcing strategy to maximize total cost savings
• Assess and prioritize opportunities for savings
• Establish processes to manage performance of the strategic sourcing contract
• Apply best practices and lessons learned in strategic sourcing efforts

Training Methodology

This Strategic Sourcing training course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This training course will combine variety of instructional methods including lecture by a world-class subject matter expert in procurement and supply chain strategy. This is a highly interactive and competitive Strategic Sourcing training programme where the participants will work and compete in team exercises, group discussions covering current practices and their relationship to the implementation of new concepts.

Organisational Impact

• Develop critical supply strategies
• Understand the need for change to more strategic and innovative approaches
• An understanding of how to delineate between what is considered “tactical” and what is genuinely “strategic” when sourcing
• Evaluate how the strategies in place are delivering quantifiable value to the organization
• Define the end-to-end sourcing process and explore the relation of value to each of those areas
• Understand the 7 Phases of the Strategic Sourcing Process

Personal Impact

• Implement the strategic sourcing strategy to maximize total cost savings, value, vendor access, and socioeconomic participation
• Understand the actual requirements of why a service or product is being procured
• Confidence to develop strategy that will inform the approach to the supply market, factoring in the external environment and internal issues
• The tools with which to develop a sourcing process that factors in complexity around supply market and the relevant category
• Establish processes to track and manage performance of the strategic sourcing contract
• Apply best practices and lessons learned in strategic sourcing efforts