ISM defines strategic sourcing as "...the selection and management of supplier's sourcing process in any organization is a clearly defined set of steps which starting and ending points in a specific sequence focused on selection and managing suppliers to achieve the long-term goals of the organization." This process is, also, known as Supplier Relationship Management or SRM whose goal it is to streamline the supply chain so as to make it as efficient as possible. SRM can include what goes on in the supplier's plant such as: 1. the handling and storage of your order. 2. quality inspection. 3. the way things are packaged for shipment. 4. who they buy materials from. 5. what they pay for materials. 6. order placement. 7. payment terms. 8. invoicing. 9. shipment of your orders to your plant. One might ask can SRM be applied to the purchase of service? Yes, with some obvious differences, for example, services are ordinarily performed at your location and the movement of goods is not an issue. In this program we concentrate on working with existing suppliers, and we do not discuss selection of new suppliers since the process of getting proposal and sorting through them is familiar to most of you. In addition to the above the speakers also addressed the following:
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