Answer:
Sourcing, also known as procurement, is the practice of locating and selecting businesses or individuals based on set criteria. ... Outsourcing is a common technique where businesses contract out a business function, typically something non-critical such as payroll, to a third-party supplier.
Strategic sourcing benefits both buyers and suppliers. It benefits buyers because they can negotiate lower unit prices for high-volume purchases, thus reducing cost of goods sold and maintaining the ability to price their products competitively.
Explanation:
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