What is Strategic Sourcing?
Strategic Sourcing is the process of developing channels of supply that provide the lowest total cost of ownership, not just the lowest purchase price. It expands upon traditional purchasing activities and embraces all activities within the procurement cycle, from specification, receipt, payment and long term supplier relationship management.
Role of Strategic Sourcing
The Strategic Sourcing teams are here to assist in driving best value for the University through the following:
- Vendor Engagement
- Negotiate beneficial service levels, contract terms and pricing
- Lease vs. Buy Decisions
- Vendor Proposal Analysis
- Programmatic Vendor Strategies
- Preferred Supplier Management
- Demand management
- Process optimization
- Work in collaboration with stakeholders to ensure that your requirements are represented through the entire acquisition process
When to involve Strategic Sourcing
- Strategic Sourcing can contribute the most value when involved at the beginning of the pre-planning stage of the selection process.
- When a Department Identifies a Purchasing Need
- When a Department Identifies a Potential Vendor
- When reviewing a vendor for award
- When service level agreements related to contracts need improvement
Sourcing Category Teams
To learn more about each category, team, vendors, contracts, and services offered please visit that specific category tab.