In today’s era of supply chain interruptions that can potentially disrupt entire industries, having strength and resilience throughout the value chain is no longer optional – it is essential for survival. Sourcing teams need to shift their focus from simply choosing suppliers based on cost to a more strategic approach. While tactical sourcing is a quick fix, strategic sourcing is geared towards achieving long-term business objectives. Sourcing and procurement experts who adopt a strategic sourcing approach evaluate a supplier’s quality, reputation, and level of service. They also take into consideration how a strong partnership could decrease supply chain risk and promote sustainability. The use of technologies such as artificial intelligence tools and data analytics platforms can enhance the efficiency of analyzing and making decisions. There are many advantages to strategic sourcing, including improving supply chain processes and building more efficient and cost-effective partnerships with suppliers. Here are some instances where strategic sourcing can be beneficial. Consumers and stakeholders are increasingly interested in where products come from, from clothing to gemstones, and are demanding that brands maintain ethical and responsible sourcing practices. In a survey conducted in 2022, 73% of consumers expressed the significance of traceability.