The sourcing process steps are the official business definition of the steps that need to be taken in order to source a product or service. This process involves researching potential suppliers, evaluating their capabilities, negotiating contracts, and managing the relationship with the supplier. The sourcing process steps include researching potential suppliers, analyzing their capabilities, negotiating contracts, and managing the relationship with the supplier. Researching potential suppliers involves researching the market, identifying potential suppliers, and evaluating their capabilities. Analyzing the capabilities of potential suppliers involves evaluating their production capabilities, quality control, pricing, and delivery times. Negotiating contracts involves establishing a contract that is mutually beneficial to both parties, as well as ensuring that all contractual obligations are met. Finally, managing the relationship with the supplier involves ensuring that the supplier meets all contractual obligations, as well as maintaining good communication with the supplier. By following these sourcing process steps, businesses can ensure that they are sourcing the best products and services for their needs.