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Define briefly the concept of strategic sourcing in supply chain operations. Demonstrate how strategic sourcing can be implemented by Toyota. Briefly discuss the following benefits

Define briefly the concept of strategic sourcing in supply chain operations.

Demonstrate how strategic sourcing can be implemented by Toyota.

Briefly discuss the following benefits of strategic sourcing: 1. Create partnerships with suppliers. 2. Best practice sharing. 3. Cost savings 4. Increase quality. 4. Improve operational efficiency. 5. Access to new suppliers. and 6. Standardize Pricing.

Briefly discuss 5 challenges of implementing strategic sourcing.

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