The Six Sourcing Strategies are a set of approaches used to optimize sourcing decisions: Single Sourcing: Relying on a single supplier for a specific item or component. Often used for cost savings but carries risks. Dual Sourcing: Utilizing two suppliers for the same item to ensure redundancy and mitigate risks. Multi-Sourcing: Engaging multiple suppliers for an item to diversify risk and maintain competitive pricing. Global Sourcing: Sourcing goods or services from international suppliers to access cost advantages or specialized expertise. Outsourcing: Transferring specific business functions or processes to external suppliers or service providers. Insourcing: Bringing previously outsourced functions or processes back in-house for greater control or cost-effectiveness.