The Strategic Sourcing Lifecycle is an official business process that helps organizations to effectively manage their procurement activities. It involves a series of steps that help organizations to identify and select the best suppliers, negotiate the best prices, and manage the relationship with those suppliers over time. The lifecycle begins with the identification of potential suppliers and ends with the review of the performance of the suppliers. During the process, organizations must assess the supplier’s capabilities, review their pricing, and ensure that they are meeting their contractual obligations. This process helps organizations to ensure that they are getting the best value for their money and that their suppliers are providing the highest quality of goods and services. Additionally, the Strategic Sourcing Lifecycle helps organizations to maintain a competitive edge in the market by ensuring that they are making the most cost-effective decisions. Ultimately, the Strategic Sourcing Lifecycle helps organizations to maximize their return on investment and to remain competitive in the market.