Category Sourcing is an official business term that refers to the process of identifying, evaluating, and selecting suppliers for specific categories of goods and services. This process is used to optimize the cost, quality, and delivery of goods and services while also ensuring compliance with applicable laws and regulations. Category Sourcing is an important part of the overall procurement process and involves the evaluation of suppliers based on their ability to meet the needs of the organization. It also involves the negotiation of terms and conditions, the selection of the most suitable supplier, and the establishment of a contract. The goal of Category Sourcing is to maximize value for the organization by obtaining the best possible terms and conditions while minimizing risk. This process can be time-consuming and complex, but it is essential for organizations to ensure they are getting the best value for their money.
