Strategic Sourcing Of A Supply Chain Management - 1271 Words

Responsible Sourcing Before a supply chain manager can truly understand strategic sourcing, they must have a good working knowledge of the purchasing and procurement processes, which I will explain in detail later in my research. Strategic sourcing is an aspect of supply chain management that is becoming more prevalent in the business world. Without strategic sourcing a firm will not and cannot maximize the potential of its supply chain and altogether meet the company’s overall business goals. Responsible sourcing is a new way of thinking that is dedicated to building responsible supply chain coalitions that value human rights and work standards across the world. As we have seen and heard in the news media in recent years, many countries do not practice the same standards of work, facilities, and personnel management that we do here in the United States. American consumers and they have raised concern due to the scenes of children in sweat shops, miners working in horrible conditions, and facilities that look as if though they should be condemned and abandoned, housing hundreds of workers. This concern, hurts a company’s bottom line and therefore they have taken a proactive approach to ensuring that the product we receive and use daily are being produced in a manner that does not violate our values. Literary Review Dr. Sudhi Seshadri, is the author of Sourcing Strategy Principles, Policy and Designs. The main objective of this book and research is to give theShow MoreRelatedW1a Introduction1481 Words   |  6 PagesWhat is purchasing? MS6323 Strategic Sourcing and Procurement KK Lam Week 1a Summer 2015 2 What is purchasing? Or Part of Supply Chain (Manufacturing) Perspectives on purchasing 1 As a function – To perform specialised tasks 2 As a process – To achieve an output 3 As a link in the supply chain 4 As a relationship 5 As a discipline – Knowledge based 6 As a profession – Demonstrable skills and knowledge – With production and warehousing – Internal and external focus 3 SCM activitiesRead MoreImproving Procurement And Sourcing Efficiency1475 Words   |  6 Pagesof any business organization’s supply chain. Businesses are feeling the difficulty to improve procurement and sourcing efficiency. The value that can be achieved through successful procurement practices is often a lot harder to achieve than many companies actually realize. If a company expects to grow and survive, it constantly needs to add value. Procurement is one area that has become a critical area of focus to create a more competitive and efficient supply chain. In the past, procurement was seenRead MoreIkea s Supply Chain Management1143 Words   |  5 Pagesstores in 48 countries. What is Supply Chain Management? Supply chain management, is the dynamic management for supply chain exercises on boost client quality and accomplish a maintainable aggressive advantage. It speaks to a cognizant exertion toward the supply chain organizations on create What s more run supply chains in the majority compelling productive routes could reasonably be expected. Supply chain exercises blanket all that from item development, sourcing, production, and logisticsRead Morekiwi case study Essay647 Words   |  3 Pagesï » ¿Answer 1. Strategic sourcing is the major tools and technology in supply chain management and it delivers cost reductions and other offers and advantages. It will make strategic sourcing different from a traditional sourcing. This sounds the most strategic supplier relationship that is based on cost and there is an ability to create new business with technological advances. In the past, the organization was usually focused on tactical functions such as processing of purchase orders, checking theRead MoreEssay on What ´s Strategic Sourcing?1402 Words   |  6 Pagesthat manage your supplies and impact your ability to deliver in the marketplace. Strategic sourcing is the springboard for supply management – there are a lot of processes: whether forecasting and planning on the front end or back end supplier management and score carding. Strategic sourcing is where it all starts and you select suppliers that enhance your firm’s capabilities which affect your bottom line and enter into long-term relationships. You manage the performance of that supply base and on anRead MoreGlobal Sourcing And Global Supply Management1542 Words   |  7 PagesGlobal sourcing and global supply management are both very important concepts in global supply chain management. Global sourcing, on the one hand, is the process of procurement or obtaining much cheaper goods and services from foreign to domestic markets. Global supply management, on the other hand, can fit a narrative of implementation, maintenance, and control of strategic processes of buying, including outsourcing from low-cost countries. Many companies and international organizations todayRead MoreTransformation Of Procurement Practices For Non Production And Indirect Functions1158 Words   |  5 Pagestools such as purchasing cards to cut costs strategic sourcing. The â€Å"Northrop Grumman Corporation† the well-known defense contractor implemented Corporate Purchasing Card to simplify payment, ordering, information processing and record keeping for the company s low-dollar, nonproduction purchases in late eighties which later evolved as an integrated feature with the evolution of ERP systems saturated towards the millennium leaving a supply chain system which were well connected technologicallyRead MoreSupply Chain Management : Strategic Management833 Words   |   4 PagesAll flows of information, products or funds generate costs within the supply chain. Efficient management of these flows is the key to success in the supply chain. Effective and efficient supply chain management involves the management of supply chain assets and product, information, and fund flows to maximize total supply chain profitability. â€Å"Supply chain efficiency is related to whether a company’s processes are harnessing resources in the best way possible, whether those resources are financialRead MoreTraits Of The Supply Chain1292 Words   |  6 PagesBell 3051375 Traits of the Supply Chain American Military University Reba Businsky 14 July 2015 ABSTRACT The traits of the supply chain have been proven to strengthen a business production. Using the traits helps to optimize a business profits and sets goals at a higher achievable level. Overall using the traits of the supply chain will enhance the performance of a business and build stronger partners and relationships. Keywords: supply chain, traits, partners, businessRead MoreProcurement: Purchasing Management Association1205 Words   |  5 PagesIntroduction  to  Procurement     Quiz  #  1   True/False  (1  mark  per  question)   1.   Competition  today  is  no  longer  between  firms;  it  is  between  the  supply  chains  of  those  firms.   True  Ã‚   False   2.   There  is  a  definitive  and  prescriptive  set  of  supply  chain  measures  that  applies  to  all  supply  chains.   True   False  Ã‚   3.   The  knowledge  and  skills  demanded  of  today’s  supply  professional  is  the  same  as  before.   True  Ã‚   False   4.   The  key  to  the  success  of  any  company  is  the  quality  of  its  employees.   True  Ã‚   False