Patent ID: 8682703

Claim:
A method for procuring an item, said method including: performing, by a computer based system for facilitating strategic sourcing and vendor management, a commodity analysis using an opportunity assessment and a commodity strategy to achieve a supplier list; developing, by said computer based system, a sourcing strategy by creating a narrowed supplier list based on supplier preferencing, wherein the supplier list is narrowed based on elimination of unattractive characteristics for a relationship, ensuring that said narrowed supplier list is compliant with a relationship manager and ensuring that said narrowed supplier list is compliant with procurement rules of engagement, wherein said developing said sourcing strategy further comprises obtaining sponsorship, wherein said obtaining sponsorship includes receiving approval of a project plan by a destination approver, wherein said developing said sourcing strategy further comprises performing an interview with key stakeholders of an organization associated with said strategic sourcing; further developing, by said computer based system, said sourcing strategy by selecting potential suppliers; negotiating, by said computer based system, a contract by conducting said negotiation with potential suppliers, selecting a supplier based on said negotiation, and preparing a contract based on said negotiation, creating a data file for said contract, and conducting enablement activities for said supplier; procuring, by said computer based system, a contracted for item by at least one of: creating an order for said item, conducting order management, and receiving said item; managing, by said computer based system, a lifecycle for said item; and reconciling, by said computer based system, a transaction relating to said procurement by receiving an invoice, processing said invoice and entering information relating to said transaction into a contact database.