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Strategic Sourcing
Strategic sourcing is a form of supply chain management that involves examining all aspects of working with a particular supplier. This process includes analyzing data, market research, risk evaluations and needs assessments instead of simply considering the lowest purchase price.
What Small and Midsize Businesses Need to Know About Strategic Sourcing
Using strategic sourcing is crucial for SMBs that want to remain competitive, reduce costs, prevent interruptions within the supply chain, and form stronger long-term relationships with suppliers.
Related terms
- Procurement
- Bill of Materials (BOM)
- Advanced Driver Assistance Systems (ADAS)
- Smart Factory
- Strategic Sourcing
- Value-Added Reseller (VAR)
- Telematics
- Supply Chain
- Vendor
- Enterprise Resource Planning (ERP)
- Supply Chain Planning (SCP)
- Scanner
- SCADA (Supervisory Control and Data Acquisition)
- Total Quality Management (TQM)
- Vendor Management
- Senpai
- Radio-frequency Identification (RFID)
- Loopback
- Total Cost of Ownership (TCO)
- Electro Mobility (e-Mobility)
