Procurement Strategic Sourcing is an umbrella term that encompasses a range of activities, techniques, and processes which companies use to achieve cost-savings, reduce risks, and improve the quality of their supply chain. It is a strategic approach to purchasing, which involves deciding when and where to buy, and how to evaluate suppliers. The official business definition of Procurement Strategic Sourcing is an organized and structured approach for the acquisition of goods and services that maximizes the total value of the purchase. It is a comprehensive evaluation, analysis, and review of potential suppliers and their products, services, and capabilities to ensure the best purchase for the company. By utilizing a strategic sourcing strategy, companies can ensure that they are getting the best quality for the best price. This also allows companies to build relationships with suppliers and negotiate better terms, which can lead to increased savings in the long run.