Profile: Margaret Rouse
|“Another important function for enabling strategic sourcing is contract management, key for negotiating and managing terms with suppliers, including pricing and performance requirements. Contract management for procurement should support advanced negotiation functions, including methods to collect and compare vendor bids, as well as functions for managing contracts, improving spend visibility and data analysis.” — Catherine LaCroix|
Today’s WhatIs.com Word of the Day is strategic sourcing. Strategic sourcing differs from conventional purchasing because it places emphasis on the entire life-cycle of a product, not just its initial purchase price.