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Which is better? Strategic sourcing or tactical buying?
When it comes to understanding the best procurement approach between strategic sourcing and tactical buying, it’s important to understand the advantages and disadvantages of each.
Strategic sourcing refers to a sourcing approach which prioritises the long-term needs of the business, often requiring in-depth planning, analysis, and dealing with a much higher value of goods or services.
Tactical buying is a much more reactive approach, often catering to the day-to-day needs of the organisation, and typically on a much shorter timeline. This approach is often focussed more on price and driving down the cost of goods or services.
In this document, Mike Edmunds outlines the pros and cons of each approach, offering a deeper understanding of each strategic.
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