Partnership sourcing is a strategic approach that emphasizes long-term collaboration between buyers and suppliers to achieve mutual benefits. While achieving a competitive acquisition cost is a component, it is not the sole objective. Partnership sourcing also focuses on:
Quality Improvement:Ensuring that products or services meet or exceed quality standards.
Innovation:Collaborating on new product development and process improvements.
Risk Management:Sharing information to anticipate and mitigate risks.
Supply Chain Efficiency:Streamlining processes to reduce lead times and inventory levels.
Therefore, while cost is important, partnership sourcing encompasses a broader range of objectives aimed at creating value for both parties.
[Reference:, CIPS L4M6 Study Guide, , ]
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