CRITICAL SUCCESS FACTORS FOR STRATEGIC SOURCING IN PRIVATE SECTOR: A CASE OF FARMERS CHOICE KENYA
Abstract
Procurement is playing an increasingly important role in helping major companies achieve their savings and lucrative goals. Whatever companies acquire has been increasing and changing in importance, size, and complexity. In today’s vibrant environment strategic relationship with suppliers is the key element to the success of a supply chain Management (SCM) which has seen a transformation in the buying process. Today’s competitive environment relies on the capability of business enterprises to respond quickly to customer and market demands. To ensure “value for money” when making purchases and to prevent impropriety in the process, it is important for the company or organization to put in place adequate safeguards in the system. Acknowledging these efficiency motives, firms have increasingly turned to strategic sourcing in an effort to not only capture cost savings but also impede malpractices and grab a competitive advantage. It is time to assess the critical success factors necessary for effective strategic procurement practices in business enterprises. The study adopted a case study research design to determine whether technology, Buyer supplier relationship and continuous improvement can contribute to the success of strategic sourcing.
Key words: Strategic Sourcing, Procurement, Continuous Improvement, Total Quality Management, Buyer Supplier Relationship
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DOI: http://dx.doi.org/10.61426/sjbcm.v2i1.110
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