What is “strategic sourcing” in procurement?
Strategic sourcing encompasses the procurement and supply chain processes while forcing them to evolve. Strategic sourcing is so much more than just procurement. It places an emphasis well beyond the initial purchase price and focuses on the sourcing process through ongoing market analysis and relationship building with suppliers. It takes an in-depth approach to analyze what a company buys, where they buy it from, and at what price and volume.
Companies use strategic sourcing to make their procurement processes better by involving performance measurements and improving the process on an ongoing basis. Strategic sourcing has a multitude of success achievements, but one benefit that stands out among the rest is reduced total cost.
To put it simply, a strategic sourcing plan helps companies achieve big goals that contribute to their success. That’s why it’s important to learn more than just traditional procurement as your role and this function shift to be more strategic in nature.
What will I learn in the CSP program?
SIG University’s CSP program provides in-depth training on the hard and soft skills of sourcing, giving students the tangible and practical knowledge they need to be successful. In a 10-week online classroom, students are exposed to strategic sourcing and outsourcing methodologies, best practices in negotiations, and are also equipped with a toolkit of resources allowing them to add value in the office immediately. You’ll receive next practice insights in artificial intelligence, crowdsourcing, sustainability, and disruptive technologies challenging the future of work.
The program was developed by practitioners, academics, and subject matter experts. Modules and discussion forums are facilitated by a faculty member with specialized expertise in the week’s topic area. The CSP program is the most well-rounded curriculum available on the market for those seeking additional sourcing expertise, including program content that contains MBA-level sourcing theory.
Who should take the CSP program?
The CSP program is appropriate for both senior professionals and those new to the profession with no sourcing background. The program is useful for anyone working in sourcing, outsourcing, procurement, third party risk management, and related fields. Sourcing teams that take the CSP program together can improve their performance by gaining a baseline understanding of fundamental concepts and building a common language.
It’s important to note that the program is not just for practitioners, it’s also for the providers who serve them.
How is the CSP program structured?
The CSP program is a learning journey that is structured in three parts that take approximately 4-7 hours per week to complete depending on your learning style. You begin with learning the hard skills of sourcing, then move onto key strategic sourcing principles and finish your journey by focusing on the soft skills of sourcing.
Each week, you will:
- complete weekly module assignments
- take quizzes after each lesson to assess your retention
- engage in a faculty-led asynchronous discussion forum with peers in your field across industries
You will also complete a final short essay on the topics covered in the program. This combination of elements creates a holistic learning experience for our students.
Certified Sourcing Professional (CSP) Learning Journey
WEEK 1
Module 1.1: Introduction to Business Finance
Module 1.2: Introduction to Business Analytics
Module 1.3: Strategic Sourcing
WEEK 2
Module 1.4: Change Management
Module 1.5: Introduction to Stakeholder Management
Module 1.6: Introduction to Business Ethics
Module 1.7: Introduction to Business Law
WEEK 3
Module 1.8: Contracts Basics
Module 1.9: Terms and Conditions
Module 1.10: Statement of Work Best Practices
Module 1.11: Introduction to RFx
WEEK 4
Module 1.12: Overview of Procurement and Supply Chain
Module 1.13: Introduction to Outsourcing
Module 1.14: State of the Emerging Global Business Services (GBS)
Module 1.15: Artificial Intelligence
WEEK 5
Module 1.16: An Introduction to Crowdsourcing
Module 1.17: Introduction to Sourcing Business Models
WEEK 6
Module 2.1: Assess the Environment
- Internal Analysis
- External Analysis
- Total Cost of Ownership Analysis
- Company Training Development
WEEK 7
Module 2.2: Analyze
- Sourcing Strategy and Development
- Outsourcing Strategy
- Supply Market Selection
Module 2.3: Execute
- Implementation Plan
- RFx and Solicitation Plans
- Negotiations
- Essential Elements of a Contract
WEEK 8
Module 2.4: Benchmark and Refine
- Governance and Relationship Management
- Supplier Performance Management (SPM)
- Category Performance Tracking
- Continuous Improvement Strategy
WEEK 9
Module 3.1: Project Management Principles
Module 3.2: Total Cost of Ownership, Cost Modeling and Should Cost
Module 3.3: Category Management
Module 3.4: Negotiation Preparation
Module 3.5: Cross-Functional Teams
Module 3.6: Sourcing Change Management
WEEK 10
Module 3.7: Sustainability in the Supply Chain
Module 3.8: Supplier Communication
Module 3.9: Sales Skills
Module 3.10: Presenting to Senior Executives
What can I expect after completing the CSP program?
In addition to the knowledge, skills and tools gained, those who have completed the CSP program have loved the learning experience provided and can immediately apply what they learned. All graduates of the CSP program are issued a digital badge to include on their CV and LinkedIn profile.
Graduates of the CSP program are invited to join the SIG University Alumni and Faculty private LinkedIn group to stay connected with peers and faculty.
Additionally, SIG University graduates receive 10% off additional certifications!
Who are the Faculty & Authors?
Meet the subject matter experts that have supported this program.
Certificate & Digital Badge
All graduates of the CSP program are issued a digital badge and a certificate of completion to include on their LinkedIn profile & CV.
Located in India?
Are you located in India and conduct your sourcing activities domestically? Consider our CSP-India adaptation.