Strategic Sourcing is an approach to procurement that focuses on maximizing value and optimizing the overall performance of a company’s supply chain. It involves taking a long-term view when making decisions about what goods and services to buy, and how to obtain them in order to achieve the best possible outcome. The goal of Strategic Sourcing is to create more efficient processes and better supplier relationships, allowing companies to remain ahead of their competitors and keep costs low. By taking into account factors such as market trends, customer expectations, and industry-specific challenges, Strategic Sourcing helps businesses identify the most cost-effective ways to source materials and services. With the right approach, you can save time, improve quality, and gain a better understanding of your supply chain.