Procurement Sourcing Strategy is an organized and comprehensive approach to acquiring goods and services. It is a plan that outlines the most effective ways to acquire goods and services, with the goal of creating value for a business. It involves analyzing the market and the competition, while taking into account a company’s unique needs. A successful procurement sourcing strategy should include a clear set of objectives, such as reducing costs, increasing quality, and improving timelines. It also should include an understanding of the supply chain, including suppliers, manufacturers, and other vendors. It should consider the company’s total cost of ownership and the availability of resources. Procurement Sourcing Strategy should include a detailed plan of action that includes planning and organizing, researching the market, and developing a competitive analysis. Additionally, it should include a strategy for negotiating with suppliers, as well as selecting and managing the best vendors