Strategic Sourcing Process Explained | 7 Steps of Strategic Sourcing with Real-World Examples | SCM
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Welcome to the new video of @10minforsupplychain
Are you trying to understand how top organizations like Toyota, Apple, and Unilever manage their suppliers strategically?
In this video, we’ll break down the Procurement Sourcing Process step-by-step and show you real-world examples of how sourcing teams identify suppliers, negotiate contracts, and deliver cost savings while reducing supply chain risks.
You’ll learn the 7 Steps of Strategic Sourcing, including:
✅ Category Profiling
✅ Developing Sourcing Strategies
✅ Market Research (RFI / RFQ / RFP)
✅ Supplier Evaluation
✅ Negotiation
✅ Contracting
✅ Performance Review
Whether you’re a procurement analyst, sourcing manager, or supply chain student, this video will help you master how strategic sourcing works in the real world, and how to apply it in your career.
📘 Timestamps:
00:19 - Introduction
01:01 - What is Sourcing in Procurement?
01:44 - 7 Steps of Strategic Sourcing
05:58 - Toyota Case Study
06:28 - Benefits of Sourcing
07:06 - Challenges in Sourcing
07:36 - Conclusion
💬 Questions Answered in This Video
What is sourcing in procurement?
What are the 7 steps of the sourcing process?
What is the difference between sourcing and procurement?
How do companies like Toyota use strategic sourcing?
What are examples of sourcing in supply chain management?
What is a sourcing strategy in procurement?
How does RFQ, RFP, and RFI fit in the sourcing process?
What is the role of category profiling in procurement?
How to evaluate suppliers effectively in procurement?
What tools are used for strategic sourcing?
What are the benefits of strategic sourcing?
How does supplier performance review work?
What is the Kraljic Matrix and how is it used?
How do you negotiate with suppliers in procurement?
How does sourcing help in cost reduction?
What are real-world examples of sourcing success?
What are key KPIs in supplier management?
What is contract management in sourcing?
How do sourcing professionals handle supply chain risks?
What skills are needed for sourcing professionals in 2025?
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