What are the best practices for measuring and optimizing supplier sourcing cycle time and efficiency?
Supplier sourcing is the process of finding, evaluating, and selecting suppliers that can meet your business needs and expectations. It is a crucial activity for any organization that wants to reduce costs, improve quality, and enhance innovation. However, supplier sourcing can also be time-consuming, complex, and risky if not done properly. How can you measure and optimize your supplier sourcing cycle time and efficiency? Here are some best practices to follow.