![]() ![]() However, strategic sourcing is a larger concept that aims to improve the procurement process of your business and ensure the lowest cost for the whole process. It consists of a suite of the following solutions. Sourcing is simply the process of identifying the suitable suppliers for your business to procure products and services at the optimal price. SAP Sourcing covers the entire strategic source to contract process across all categories of spend. You will also see a difference between two terms – sourcing and strategic sourcing. You will have to factor in the total sourcing cost, including the price for creating contracts, time factors, and transportations, not just the direct purchase cost. However, if you consider long-term prospects, you will have to consider many additional factors where the concept of sustainable savings comes into play. ![]() ![]() With strategic sourcing solutions from SAP, you can manage and optimize your entire. Optimize cost, manage risk, and make sure the savings you negotiate are fully realized. ![]() Source and manage direct and indirect materials on a single platform. The level of detail involved in sourcing depends on the resources you can dedicate. Your entire sourcing, contracting, and spend all in one place. It can also require managing relationships with those suppliers and developing a network of alternate vendors. But can the lowest price always guarantee you the highest savings for your business? For a very short-term, it might. The basic definition of sourcing is the process of finding and vetting suppliers. In a traditional sense, many of us often look at sourcing with a narrower view: finding a supplier and negotiating to secure the lowest possible price. ![]()
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