RFP Sourcing is a business process that involves the solicitation of goods and services from potential suppliers. It is a formal process used to identify and evaluate potential suppliers and select the most suitable supplier for a given requirement. The process begins with the identification of the need for a particular product or service and the development of a Request for Proposal (RFP) to be sent to potential suppliers. The RFP outlines the specific requirements of the product or service and the terms and conditions under which the supplier must provide the goods or services. Once the RFP is sent out, potential suppliers respond with their bids and proposals. The RFP Sourcing process then involves the evaluation of the bids and proposals, the selection of the most suitable supplier, and the negotiation of a contract with the chosen supplier. The process is designed to ensure that the best supplier is chosen for the job and that the supplier is able to provide the goods or services at the best possible price. RFP Sourcing is an important part of the procurement process and is essential for any business looking to maximize its purchasing power.