The Sourcing Process encompasses all the activities related to identifying, evaluating and ultimately supplier selection in order to find the best supplier for goods and/or services. The end result is typically a contract between the buyer and supplier that dictates the pricing, terms and conditions for the goods and/or services in question. The sourcing process can involve market research, an RFI, an RFP, contractual negotiations and more. Many organizations have successfully automated the sourcing process in order to be more efficient and access data and insights to make the best decisions. Pricing tends to be a big component but other factors are increasingly taken into account such as location, reputation, sustainable sourcing and supply chain diversity.