Remove Price Remove Quantity Remove Total Cost of Ownership
article thumbnail

What is Strategic Sourcing and Why is it Important?

Oxford College of Procurement and Supply

The main difference relates to cost. Traditional sourcing was all about sourcing goods at the lowest possible price. In contrast, strategic sourcing focuses on the total cost of ownership and seeks to create the best possible value. The next step is to analyse the supply market and create a supplier portfolio.

article thumbnail

Evolution of the Status Quo

The Procurement School

Even more so now, seasoned professionals in the construction industry have seen budgets disrupted considerably by fluctuations in pricing and lead times that have shredded carefully drafted cost estimates and project schedules. This risk absorption is directly reflected in bid prices.