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Norman

The document outlines six essential steps for a successful sourcing strategy, including spending analysis and supplier qualification. It describes various sourcing approaches such as global, dual, single, collaborative, and multiple sourcing, each with its own benefits and risk management strategies. Supplier qualification is emphasized as a critical tool for ensuring consistent quality and regulatory compliance from suppliers.

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5 views2 pages

Norman

The document outlines six essential steps for a successful sourcing strategy, including spending analysis and supplier qualification. It describes various sourcing approaches such as global, dual, single, collaborative, and multiple sourcing, each with its own benefits and risk management strategies. Supplier qualification is emphasized as a critical tool for ensuring consistent quality and regulatory compliance from suppliers.

Uploaded by

mudathirusumayiyah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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There are six steps that are always followed towards a successful sourcing strategy:

Spending analysis

Suppliers market share analysis

Supplier spend share analysis

Procurement organizations demand

Category risk analysis

Vender qualification.

Global sourcing: This approach involves sourcing safety products and materials from different suppliers
from different parts of the world. This approach encourages and enables the buyer to get various
products and materials through evaluation and at a proper lower cost.

Dual sourcing: This is the approach where a buyer purchases from two suppliers for the same material.
The basis of this method is to have supply in case of the absence of one supplier. This greatly enables
PEC never to fall short of materials.

Single sourcing: This is the approach where a buyer purchases from one single supplier. This approach
enables PEC to be able to evaluate and get the rightful person to enable in the supply of the products
and also can enable them to at times achieve some of the materials on credit.

Collaborative sourcing: This approach fosters a relationship based on trust between the customer and
supplier. This enables PEC on reduced costs of purchases of the materials that are needed in production.
Multiple sourcing: This is an approach to outsourcing in which IT operations and technology
infrastructure are centered to a number of vendors usually in combination with some internally
provided elements of information technology. Here, the business relies on two or more suppliers.

Supplier qualification: This can be seen as a risk assessment tool. It provides an appropriate level of
confidence that suppliers, vendors, and contractors are able to supply consistently quality of materials,
components, and services in compliance with regulatory requirements.

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