Strategic sourcing and procurement is a business practice that combines the two disciplines of sourcing and procurement to maximize the value of a company’s spend. It is an ongoing process that involves analyzing the company’s current and future spending needs, researching and evaluating potential suppliers, negotiating the best terms and prices, and managing the relationship with suppliers. Strategic sourcing and procurement also includes developing a comprehensive supplier base, understanding the needs of the company’s internal customers, and monitoring supplier performance. By utilizing strategic sourcing and procurement, companies can reduce costs, increase efficiency, and gain a competitive advantage. The ultimate goal of strategic sourcing and procurement is to create a mutually beneficial relationship between the company and its suppliers that is based on trust, respect, and collaboration.