The official business definition of Strategic Sourcing versus Procurement is that Strategic Sourcing is the process of developing and managing the relationships between an organization and its suppliers, while Procurement is the process of acquiring goods and services from external suppliers. Strategic Sourcing is a proactive approach to supplier management, focusing on the long-term relationships between the organization and its suppliers. It involves the evaluation of supplier performance, the negotiation of contracts, and the development of strategies to ensure that the organization is receiving the best value for its money. Procurement, on the other hand, is a reactive approach to supplier management, focusing on the short-term relationships between the organization and its suppliers. It involves the selection of suppliers, the purchase of goods and services, and the management of the supply chain. Strategic Sourcing and Procurement are both essential elements of a successful supply chain management strategy, and each plays an important role in ensuring that the organization is getting the best value for its money.