There are seven steps in the Strategic Sourcing Process.

Question

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The Strategic Sourcing Process typically includes seven steps: 1. Define the scope of the sourcing initiative, 2. Conduct market research to identify potential suppliers, 3. Develop a supplier selection criteria and evaluation methodology, 4. Identify potential suppliers and issue a Request for Information (RFI), 5. Conduct a detailed analysis of proposals and select a shortlist of suppliers, 6. Negotiate with suppliers and finalize the contract, and 7. Implement the contract and monitor supplier performance.

There Are Seven Steps in the Strategic Sourcing Process