Sourcing activities are the processes and procedures used to acquire goods and services from external suppliers. This includes the identification of potential suppliers, the negotiation of contracts, and the management of supplier relationships. It is an important part of the procurement process, as it ensures that the organization is getting the best value for its money. It also helps to ensure that the organization is obtaining goods and services from reliable and reputable suppliers. Sourcing activities involve a range of activities, such as market research, supplier evaluation, price negotiation, and contract management. In addition, it is important to ensure that the organization is compliant with relevant laws and regulations. Ultimately, sourcing activities are designed to ensure that the organization is getting the best value for its money and that the organization is able to obtain goods and services from reliable and reputable suppliers.