From the course: Strategic Sourcing of Suppliers
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Choosing your strategic options
From the course: Strategic Sourcing of Suppliers
Choosing your strategic options
- What do you now do with all the information you've gathered? Welcome to this video on step three, developing strategic options. At this point in the strategic sourcing process, you and your cross-functional team will have heaps of data at your disposal on the category itself, as well as the supply market. You'll know all the players in the marketplace, how the market is evolving, and you'll know the extent of competitive rivalry. Through discussions with your stakeholder group, you'll also have identified the business requirements. These are the values that the business wishes to secure from the supply base in order to help achieve the organizational objectives and are divided into needs, these are the must-haves, and wants, the non-essential nice-to-haves. So, what? Having all these insights on its own won't help you deliver value for your business. You now need to make sense of it all and determine an aligned…
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