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Sourcing is a crucial component of the procurement lifecycle, encompassing a series of activities aimed at identifying, evaluating, and selecting suppliers to secure optimal goods and/or services for an organization. This strategic process involves thorough supplier assessment to determine the most suitable partners. The outcome is often a contractual agreement that delineates pricing, terms, and conditions governing the procurement of the specified goods and/or services.

Sourcing is essential for organizations to establish robust and mutually beneficial relationships with suppliers. By implementing strategic sourcing practices, businesses can optimize costs, enhance supplier collaboration, and ensure the procurement of high-quality goods or services that align with their operational requirements.

Learn more about Ivalua's Sourcing Software Solutions.