Sourcing strategy and the detailed SOP for Costing/Sourcing

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Sourcing strategy involves developing a plan to identify and select suppliers that offer the best value for the organization.

Define sourcing objectives and criteria
Conduct market research and supplier analysis
Develop a sourcing plan and negotiate contracts
Implement and monitor the sourcing strategy
Costing/Sourcing SOP should outline the process for identifying and evaluating suppliers, negotiating contracts, and managing supplier relationships
Ensure compliance with company policies and regulations
Regularly review and update the SOP to reflect changes in the market or organization
Example: Sourcing strategy for a manufacturing company may involve identifying suppliers with the best quality and price for raw materials
Example: Costing/Sourcing SOP for a retail company may include guidelines for evaluating suppliers based on their ability to meet demand and deliver products on time

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