Why is sourcing and procurement important?
- Selecting the right suppliers and partners
- Achieving optimal value for money
- Managing risks and dependencies
- Supporting innovation and strategic objectives
From strategy to execution
Sourcing and procurement form the core of procurement activities, focusing on selecting suppliers and achieving optimal agreements. This theme connects strategic decision-making with operational execution and underpins successful supplier relationships.
Sourcing and procurement include all activities related to identifying, selecting and contracting suppliers. This ranges from strategic decisions such as make-or-buy and supplier selection to the tactical and operational execution of procurement processes.
Applying sourcing and procurement requires an integrated approach in which strategic decisions, such as supplier selection and market engagement, are translated into structured procurement processes. Organisations analyse their needs and the market, define an appropriate sourcing strategy and select suppliers based on predefined criteria. By combining these elements with effective execution and continuous evaluation, organisations can optimise cost and quality while managing risk and enabling innovation and collaboration.
Strengthen procurement with an integrated sourcing approach from strategy to execution.
Sourcing and procurement are relevant for professionals involved in supplier selection and procurement execution, including: