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Strategic sourcing is a systematic corporate/institutional procurement process that continuously improves and re-evaluates the purchasing activities of a company. It is one component of supply chain management. While most organizations implement strategic sourcing initiatives for the purposes of saving money, other reasons for implementing strategic sourcing include improving supplier performance and minimizing risk. The steps in a strategic sourcing process are: Systematic strategic sourcing was initiated by General Motors in the 1980s and soon became a common strategic business tool. Many companies worldwide reviewed their purchasing activities and initiated strategic sourcing programs in response to the rise of the People's Republic of China as a global manufacturing hub after its accession to the World Trade Organization in 2001.
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