Strategic Sourcing

Strategic sourcing is a systematic procurement methodology that analyzes total organizational spend, maps supply markets, and selects suppliers based on total cost of ownership rather than unit price alone. It takes a long-term, data-driven approach to supplier selection and relationship management.

The strategic sourcing process typically includes spend analysis, market assessment, supplier identification, RFQ/RFP, evaluation, negotiation, and ongoing supplier management. It aims to optimize cost, quality, innovation, and risk across the supply base. Speya (formerly Find My Factory) supports the supplier identification phase of strategic sourcing by providing access to vetted manufacturing partners.