Strategic sourcing is an official business process that involves the evaluation and selection of suppliers and vendors in order to maximize value and minimize costs. It is a systematic approach to identifying, evaluating, and selecting the best suppliers for an organization’s needs. The process involves a number of steps, including defining the need, gathering information, evaluating potential suppliers, selecting the best supplier, and negotiating and managing the contract. The goal of strategic sourcing is to ensure that the organization is getting the best value for its money, while also ensuring that the suppliers are meeting the organization’s needs. Strategic sourcing is a continuous process, and organizations should continually evaluate and assess their suppliers to ensure that they are providing the best value for their money. By taking the time to properly evaluate and select suppliers, organizations can ensure that they are getting the best possible value for their money and that their suppliers are meeting their needs.