The official business definition of a Strategic Sourcing Plan is a comprehensive plan that outlines the process of selecting suppliers, negotiating contracts, and managing relationships with suppliers. It is designed to help organizations optimize their sourcing activities in order to achieve the best possible outcomes. The plan should include a clear description of the organization’s objectives, the criteria for selecting suppliers, the process for negotiating contracts, and the methods for managing relationships with suppliers. It should also include an analysis of the current sourcing environment, a review of the organization’s current suppliers, and a plan for how to achieve the desired outcomes. A Strategic Sourcing Plan should be regularly reviewed and updated to ensure that it is still relevant and up-to-date. It is an essential tool for organizations to ensure that they are getting the best value for their money when it comes to sourcing materials and services.