Willcocks’ and Lacity’s Sourcing Lifecycle Model (2006) consists of four process phases that includes nine building blocks.
Phase1 – Architect and its Objectives
This phase is regarded as an initial planning stage for the project preparation such as foundation rising. At the end of the phase, Finance Co. has to know itself well enough. To achieve the goal, they need to realistically collect market intelligence, correctly identify the target services, being informed to define relevant communication strategies and working skills and well design the project future blueprint with draft elements.
Phase2 - Engage and its Objectives
Within the second phase, Finance Co. will be required to make decision on selection and negotiation with their suppliers. Those two activities must be done rationally because suppliers are the core of the entire project. Through evaluating several of suppliers in terms of different selection strategies and criteria, the final decision must help the company to achieve best value for money. Then an effective negotiation needs to be run to make sure complete efficient contracts.
Phase3 - Operate and its Objectives
This is a phase where Finance Co. needs to put the deal in place, operationalized and managed. Two main tasks have to be done: Transition and Manage. In terms of Transition, the company is required an efficient mobilization to output a final plan and to form a transition team to transfer knowledge. Managed staff also needs to be identified for