Strategic Sourcing Lead Interview Questions and Answers

Strategic sourcing is a proactive approach to procurement that focuses on long-term value creation and supplier relationship management.

• Strategic sourcing involves analyzing the organization's needs and identifying the best suppliers to meet those needs.

• It aims to optimize costs, quality, and delivery by leveraging market intelligence and negotiating favorable contracts.

• Strategic sourcing emphasizes long-term partnerships with suppliers to drive innovation and continuous impr...read more

The s2p process refers to the source-to-pay process, which encompasses all activities from sourcing suppliers to making payments.

• The s2p process involves identifying and selecting suppliers.

• It includes negotiating contracts and pricing with suppliers.

• It also involves managing supplier relationships and performance.

• The process includes requisitioning, ordering, and receiving goods or services.

• It encompasses invoice processing and payment to suppliers.

• Examples of tools used in ...read more