The Strategic Sourcing Process Steps are the official business definition of the steps required to ensure the successful completion of a strategic sourcing project. This process is designed to help organizations identify, analyze, and select the most cost-effective suppliers for their goods and services. The process begins with the identification of potential suppliers, followed by an analysis of their capabilities and a selection of the most suitable suppliers. Once the suppliers have been selected, the organization must then negotiate the terms of the agreement and manage the relationship with the suppliers. Finally, the organization must monitor the performance of the suppliers and take corrective action when necessary. Strategic Sourcing Process Steps are designed to help organizations maximize the value of their procurement investments, while minimizing the risk associated with supplier relationships. By following these steps, organizations can ensure that they are getting the best possible value for their money and that their suppliers are providing the highest quality goods and services.