I know of many multinationals, particularly U.K. and USA organisations that use McKinsey's 7 Step Strategic Sourcing process, as follows:

1. Identify the Need and Pre-Project Planning
2. Form Cross Functional Team & Define the Project
3. Collect Internal & External Data
4. Perform Strategic Analysis
5. Formulate Strategies & Develop Implementation Plans
6. Implementation Planning & Supplier Selection
7. Measure, Monitor & Report

Opportunity Analysis is an additional strategic sourcing process which attempts to identify ways to capture new value through sourcing. These opportunities are identified after analysing the business requirements, supplier spend, current sourcing processes and other data sources. An Opportunity Analysis initiative can differ in the number of categories in scope and type of outcome. It also facilitates the identification and capture of sourcing process improvements and savings opportunities.