Negotiations and contracting: Automated tools can speed workflows, simplify the digital signature process, and create an electronic repository of contracts where organizations can set renewal alerts.Supplier discovery and RFx: Sourcing becomes a strategic advantage when organizations can access supplier data through a digital business network, allowing them to request RFPs and have suppliers compete for their business.Data collection and spend analysis: Spend analysis concentrates supplier data into one source, letting organizations know exactly what’s being spent where and presenting the opportunity to streamline vendors.The process can be broken down into four steps: Strategic sourcing best practices include digitizing documents, participating i n a digital business network, and automating workflows. Strategic sourcing can be customized to meet a customer’s specific needs, but its main goal is to leverage a single, integrated system to enhance profitability. It stops short of the actual purchase of and payment for goods and services. Strategic sourcing is a procurement process that connects data collection, spend analysis, market research, negotiation, and contracting.
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