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Gartner Glossary  /  Finance Glossary  /  S  /  Strategic Sourcing

Strategic Sourcing

Strategic sourcing is a standardized and systematic approach to supply chain management that formalizes the way information is gathered and used. Strategic sourcing enables organizations to leverage their consolidated purchasing power to find the best possible value in the marketplace. To remain competitive, organizations should expand their procurement expertise beyond purchasing to include strategic sourcing and negotiation to optimize cost and risk.

Want to learn more?

Download: Improve Your Strategic Sourcing With Five Proven Procurement Best Practices.

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Related Terms

Business Partnering
Capital Allocation
Dollar-Cost Averaging (DCA)
Earnings per Share (EPS)
Environmental, Social and Governance (ESG)
Finance Strategy
Finance Transformation
Financial Reporting
Record to Report (R2R)
Business Partnering
Capital Allocation
Dollar-Cost Averaging (DCA)
Earnings per Share (EPS)
Environmental, Social and Governance (ESG)
Finance Strategy
Finance Transformation
Financial Reporting
Record to Report (R2R)
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