Contract sourcing is a business process that involves the identification, selection, and management of contracts with external suppliers. It is a critical component of the procurement process, as it helps organizations to ensure that they are getting the best value for their money when purchasing goods and services.

Contract sourcing involves a thorough review of the supplier‘s qualifications, capabilities, and pricing structure, as well as the terms and conditions of the contract. This process also involves negotiating the terms of the contract, including the payment terms, delivery schedules, and any other relevant details.

Contract sourcing is a key part of the overall procurement process, as it helps organizations to ensure that they are getting the best value for their money when purchasing goods and services. Additionally, it helps to reduce costs and ensure that the organization is getting the best possible deal.

Contract sourcing is an important part of the overall procurement process, as it helps organizations to ensure that they are getting the best value for their money when purchasing goods and services.