This white paper highlights the common pitfalls of strategic sourcing initiatives in achieving sustainable results. The focus is often on negotiating lower prices and better contract terms, without adequate processes, metrics, resources, or changes in buying behavior to sustain these savings. The journey from approval and contract signing to realizing the savings is driven by developing and executing a compliance strategy. A robust compliance process is necessary to overcome these challenges and drive sustainable results. Strategic sourcing, in its various forms, is the process of identifying savings opportunities, developing action plans, and executing transactions to achieve those savings. However, it is essential to remember that strategic sourcing is not the only solution for procurement organizations to provide value to enterprises.
