Innovation sourcing in procurement involves collaborating with external partners, such as suppliers, startups, research institutions, or other companies in the industry. By seeking innovative ideas and technologies from external partners, procurement teams can access cutting-edge solutions that can improve the procurement function's performance.Effective innovation sourcing in procurement requires a culture of innovation within the organization, a willingness to collaborate and experiment with external partners, and a structured approach to managing the innovation process. Procurement teams should identify areas where innovation can have the most significant impact and then engage with internal and external stakeholders to generate ideas and implement innovative solutions.