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In the third part, we will delve upon Addressing Strategic Sourcing as a key capability related issue for Procurement Professionals in 2014. You can read the previous parts of this blog series, that discusses about Improving Profits(part 1) and Improving Visibility(part 2).

According to the survey results, strategic sourcing is the top procurement capability-related issue for around 45% of procurement professionals in 2014. Strategic Sourcing is an approach to procurement whereby the business needs of the organization are matched with the supplier market.

The important Steps of Strategic Sourcing are:

Analyze the requirement for sourcing – identify spend
Search for Suppliers
Request for Information
Request for proposal or quotation
Event Roll-out
Analyze Supplier Information
Award the contract and begin to track suppliers

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Zycus is a leader in Cognititive Procurement. A leading SaaS platform used by many large enterprises across the globe for enabling efficiency and effectiveness of the procurement function.