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Strategic sourcing is the process of developing channels of supply at the lowest total cost, not just the lowest purchase price.It expands upon traditional organisational purchasing activities to embrace all activities within the procurement cycle, from specification to receipt, payment for goods and services [1] to sourcing production lines where the labor market would increase firms' ROI. [2]
The Institute for Supply Management (ISM) defines strategic sourcing as the process of identifying sources that could provide needed products or services for the acquiring organization. [citation needed] The term procurement is used to reflect the entire purchasing process or cycle, and not just the tactical components.
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E-procurement (electronic procurement, sometimes also known as supplier exchange) is a collective term used to refer to a range of technologies which can be used to automate the internal and external processes associated with procurement, strategic sourcing and purchasing. [1]
Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy.
Spend analysis is often viewed as part of a larger domain known as spend management which incorporates spend analysis, commodity management, industry spend benchmarking, and strategic sourcing. Companies perform a spend analysis for several reasons. The core business driver for most organizations is profitability.
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