Procurement Service Providers (PSPs) are organizations that provide services related to the procurement of goods and services. This includes activities such as the sourcing, selection, negotiation, and contracting of goods and services. PSPs are typically used by businesses to outsource their procurement activities, allowing them to focus on their core competencies. PSPs can provide a range of services, from helping businesses identify and select suppliers to managing the entire procurement process. PSPs also help businesses reduce costs and improve efficiency by providing access to competitive pricing, streamlining the procurement process, and providing access to a wide range of suppliers. PSPs can also provide valuable insights into the market, helping businesses make informed decisions about their procurement needs. By outsourcing their procurement activities, businesses can reduce their costs, improve their efficiency, and gain access to a wide range of suppliers.