Best-in-class companies recognize strategic sourcing as a value creator and consider it to be integral to their overall strategies for growth. Here's what it takes to bring your organization up to that level.
Instead of simply buying parts and products from suppliers, manufacturers should reserve those suppliers' capacity. By doing so they'll gain more flexibility, better cost control, and higher product quality.
Forget low-cost country sourcing as a strategy. Today, a comprehensive approach to procurement requires that companies also consider total supply chain costs and lead times. This means that the most profitable source may be close to home.