Sourcing Management Definition
1 Sourcing Management helps to establish, develop and continuously optimize the relationship with suppliers. It ensures that customer expectations of provided services are met by the service provider, i.e. the fulfillment of bilateral agreements is guaranteed and both parties are satisfied.
Sourcing Management helps to strengthen the relationship with the supplier, monitoring the performance and adapting the capabilities to many new challenges.
- Receive an increase in innovation capacity through an optimal balance of business requirements and available technology
- Optimize the purchase prices by constant and active financial assessment and targeted care about the suppliers
- Detect errors early on and stay in control by taking appropriate measures
- Ensure the direction of your activity to be in line with your business
- Reduce cost through enterprise-wide purchase and targeted selection of strategic partners
- Quality improvement
- Access to leading edge technologies
- Planning and integration of the conditions for sustainable supplier relationship management
- Establishing and support of a sourcing management model for existing and new suppliers
- Adaptation of the sourcing relationship to new business strategies, environments and requirements