Strategic sourcing is a business strategy that organizations use to maximize the value of their procurement activities. It involves analyzing and optimizing the total cost of ownership (TCO) of goods and services, while ensuring that the quality of the goods and services is maintained. Strategic sourcing is an important part of a company’s overall supply chain management strategy and is used to ensure that the organization is getting the best value for its money. Strategic sourcing involves a comprehensive analysis of the entire supply chain, including the sourcing of materials, the selection of suppliers, and the negotiation of contracts. It also involves the evaluation of supplier performance, the development of long-term relationships with suppliers, and the monitoring of supplier performance. Strategic sourcing is a critical component of a company’s success and is essential for ensuring that the organization is able to remain competitive in the marketplace.